Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Interest is payable by the Commissioner to a superannuation provider in accordance with this Part on the amount set out in subsection (2) if:
(a) an individual quoted his or her tax file number to his or her employer at a time before the end of an income year (the past year ); and
(b) the employer was required by section 133 of the Retirement Savings Accounts Act 1997 or section 299C of the Superannuation Industry (Supervision) Act 1993 to inform the superannuation provider of the individual's tax file number by the end of the past year, but did not; and
(c) as a result, a contribution was an amount of no - TFN contributions income of the superannuation provider of the past year; and
(d) an amount of tax (the interest - bearing tax ) payable in respect of that no - TFN contributions income counts towards the tax offset under Subdivision 295 - J of the Income Tax Assessment Act 1997 for an income year (the current year ) for the superannuation provider; and
(e) the tax offset under that Subdivision is applied in making an assessment in respect of the superannuation provider for the current year.
(2) The interest is payable on each amount of interest - bearing tax.