20Superannuation provider to return underpaid amount that cannot be credited to account

20 Superannuation provider to return underpaid amount that cannot be credited to account

(1) If: (a) the underpaid amount in respect of a person is paid: (i) to the trustee of a complying superannuation fund for crediting to an account of the person within that fund; or (ii) to the provider of an RSA that the person holds for crediting to the RSA; and (b) the trustee or the provider has not credited the underpaid amount to an account of that kind by the end of the 28th day after the day on which the co‑contribution was paid to the trustee or the provider; the trustee or the provider: (c) is liable to repay the underpaid amount to the Commonwealth; and (d) must give the Commissioner a statement, in the approved form, in relation to the underpaid amount at the time when the underpaid amount is repaid.

Note: Section 25 provides for the imposition of general interest charge if the underpaid amount is not repaid within a certain period.

(2) The Commissioner may recover from the trustee or provider the amount the trustee or provider is liable to repay under subsection (1) as a debt due to the Commonwealth. (3) The trustee or provider commits an offence if the trustee or provider fails to give the Commissioner a statement, in the approved form, in relation to the underpaid amount at the time when the underpaid amount is repaid.

Penalty: 50 penalty units.

(4) An offence against subsection (3) is an offence of strict liability.