Commonwealth Consolidated Acts

SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 22

  (1)   This section applies if:

  (a)   the Commissioner makes a determination under section   19 that an underpaid amount is to be paid in respect of a person for an income year; and

  (b)   the determination is made on the basis that a particular amount is the correct amount of the Government co - contribution payable in respect of the person for the income year; and

  (c)   the determination is necessary to correct an administrative error.

  (2)   The payment shortfall is the difference between:

  (a)   the amount referred to in paragraph   ( 1)(b); and

  (b)   the sum of the amounts that have already been paid by way of Government co - contribution in respect of the person for the income year before the determination under section   19 is made .

  (3)   The amount of the Government co - contribution in respect of the person for the income year is increased by the amount of interest worked out under subsection   ( 4).

  (4)   The interest is to be calculated:

  (a)   on the amount of the payment shortfall; and

  (b)   for the period from the payment date for the Government co - contribution (see subsection   17(2)) until the payment date for the underpaid amount (see subsection   21(2)); and

  (c)   on a daily basis; and

  (d)   at the base interest rate for the day on which the interest is calculated.

  (5)   The regulations:

  (a)   may provide that an error of a kind specified in the regulations is an administrative error for the purposes of this section; and

  (b)   may provide that an error of a kind specified in the regulations is not an administrative error for the purposes of this section.