LOCAL GOVERNMENT ACT 2009 - SECT 224
Interest is payable on unpaid contributions
LOCAL GOVERNMENT ACT 2009 - SECT 224
Interest is payable on unpaid contributions
224 Interest is payable on unpaid contributions
(1) This section applies if a local government or local government entity does
not pay a superannuation contribution payable for an employee of the
local government or local government entity within 14 days after the end of
the employee’s pay period for which the contribution is payable.
(2) The
local government or local government entity must pay interest on the amount of
the contribution to the relevant fund for the employee.
(3) Any interest that
is payable— (a) is to be paid at the rate prescribed under a regulation; and
(b) is to be calculated on a daily basis.
