Document ID: chunk:federal_register_of_legislation:C2024C00464:clause:1_357
Version: federal_register_of_legislation:C2024C00464
Segment Type: clause
Provision Reference: sch 1 cl 357
Character Range: 94938–95596

357  Late payment penalty
(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:
 (a) 20% per annum; or
 (b) if a lower percentage is specified in the rules—that lower percentage per annum;
on the amount unpaid, computed from that time.

Power to remit
(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).
(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.