Commonwealth Consolidated Acts

SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 25

          (1A)  If:

                     (a)  a person is liable under subsection 16(1) or 20(1) to repay an amount; and

                     (b)  the whole or a part of the amount remains unpaid after the time by which the amount is due to be paid;

the person is liable to pay general interest charge on the unpaid amount.

             (1)  If:

                     (a)  the Commissioner gives a person notice under item 3 or 4 of the table in subsection 24(3); and

                     (b)  an amount that the person must pay under the notice remains unpaid after the time by which it is due to be paid;

the person is liable to pay general interest charge on the unpaid amount.

             (2)  A person who is liable under this section to pay general interest charge on an unpaid amount is liable to pay the charge for each day in the period that:

                     (a)  started at the beginning of the day by which the unpaid amount was due to be paid; and

                     (b)  finishes at the end of the last day at the end of which any of the following remains unpaid:

                              (i)  the unpaid amount;

                             (ii)  general interest charge on any of the unpaid amount.

             (3)  For the purposes of this section:

                     (a)  an amount that a person becomes liable under subsection 16(1) or 20(1) to repay is due to be paid 7 days after the day on which the person first becomes liable to repay the amount; and

                     (b)  an amount payable under a notice given under item 3 or 4 of the table in subsection 24(3) is due to be paid 28 days after the day on which the notice is given.

             (4)  In this section:

"general interest charge" means the charge worked out under Part IIA of the Taxation Administration Act 1953 .