sec.224Interest is payable on unpaid contributions

### sec.224 Interest is payable on unpaid contributions This section applies if a local government or local government entity does not pay a superannuation contribution payable for an employee of the local government or local government entity within 14 days after the end of the employee’s pay period for which the contribution is payable. 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. s 224 amd 2011 No. 8 s 71 ; 2016 No. 64 s 33 amd 2026 No. 5 s 71C (uncommenced amendment) (sec.224-ssec.1) This section applies if a local government or local government entity does not pay a superannuation contribution payable for an employee of the local government or local government entity within 14 days after the end of the employee’s pay period for which the contribution is payable. (sec.224-ssec.2) The local government or local government entity must pay interest on the amount of the contribution to the relevant fund for the employee. (sec.224-ssec.3) 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. - (a) is to be paid at the rate prescribed under a regulation; and - (b) is to be calculated on a daily basis.