Commonwealth Consolidated Acts

SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 16

  (1)   If:

  (a)   a Government co - contribution in respect of a person is paid:

  (i)   to the trustee of a complying superannuation fund for crediting to an account of the person within that fund; or

  (ii)   to the provider of an RSA that the person holds for crediting to the RSA; and

  (b)   the trustee or the provider has not credited the co - contribution to an account of that kind by the end of the 28th day after the day on which the co - contribution was paid to the trustee or the provider;

the trustee or the provider:

  (c)   is liable to repay the co - contribution to the Commonwealth; and

  (d)   must give the Commissioner a statement, in the approved form, in relation to the co - contribution at the time when the co - contribution is repaid.

Note:   Section   25 provides for the imposition of general interest charge if the co - contribution is not repaid within a certain period.

  (2)   The Commissioner may recover from the trustee or provider the amount the trustee or provider is liable to repay under subsection   ( 1) as a debt due to the Commonwealth.

  (3)   The trustee or provider commits an offence if the trustee or provider fails to give the Commissioner a statement, in the approved form, in relation to the co - contribution at the time when the co - contribution is repaid.

Penalty:   50 penalty units.

  (4)   An offence against subsection   ( 3) is an offence of strict liability.