12Government co‑contribution increased by interest amount if paid late in certain circumstances

12 Government co‑contribution increased by interest amount if paid late in certain circumstances

(1) The amount of the Government co‑contribution in respect of a person for an income year is increased by the amount of interest worked out under subsection (2) if the Commissioner pays none of the Government co‑contribution on or before the payment date for the co‑contribution. (2) The interest is to be calculated: (a) on the amount of the Government co‑contribution; and (b) for the period from the payment date for the Government co‑contribution until the day on which the Commissioner first pays an amount in satisfaction of the Government co‑contribution; and (c) on a daily basis; and (d) at the base interest rate for the day on which the interest is calculated.