Document ID: chunk:federal_register_of_legislation:C2024C00828:section:633
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 633
Character Range: 1739286–1740063

633  Late payment penalty
 (1) This section applies if royalty payable by a person under the Royalty Act remains unpaid after the time when it became due for payment.
 (2) The person is liable to pay a penalty accruing from the time the royalty became due for payment until it is paid in full.
 (3) The penalty is calculated at the rate of 0.333333% per day on the amount of the royalty remaining unpaid.
 (4) A penalty is not payable under this section in relation to any period before the end of 7 days after the value of the petroleum was agreed or determined under section 12 of the Royalty Act.
 (5) An amount payable under this section is to be known as a late payment penalty.
 (6) In this section:
royalty includes an amount under subsection 16(2) of the Royalty Act.