SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 25 When general interest charge payable

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 .