Interest is payable on unpaid contributions
224 Interest is payable on unpaid contributions
This section applies if the relevant fund for an employee of a local government or local government entity does not receive a superannuation contribution payable for the employee—
at any time before the end of the seventh business day after the employee’s QE day for the contribution; or
any allowable longer period applying to the contribution.
The local government or local government entity must pay interest on the amount of the contribution to the relevant fund for the employee.
Any interest that is payable—
is to be paid at the rate prescribed under a regulation; and
is to be calculated on a daily basis.
In this section—
allowable longer period, for a superannuation contribution payable in a circumstance described in the Superannuation Guarantee (Administration) Act 1992 (Cwlth), section 18C(2), table, column 2, means the period mentioned in column 3 of that table opposite the circumstance.
QE day, for an employee, means the employee’s QE day under the Superannuation Guarantee (Administration) Act 1992 (Cwlth), section 17A(1).
This provision refers to the regulations (a regulation
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.