12ERefunds of transaction based contributions

12E Refunds of transaction based contributions

12E Refunds of transaction based contributions

(1) A transaction based contributor to an industry fund during a financial year is entitled to a refund of the contribution from the fund administrator if the contributor makes an application to the fund administrator no later than 7 days (or such greater period as may be specified under the relevant transaction based contribution scheme) after the end of the financial year during which the contribution was made.

(2) The fund administrator for the industry fund to which the transaction based contribution was made is responsible for making refunds under this section.

(3) Applications for, and payment of, the refund are to be made in accordance with such procedures as the Minister determines from time to time.

pt 3, div 2, sdiv 2 (ss 12B–12E): Ins 2004 No 45, Sch 1 [15].