Document ID: chunk:federal_register_of_legislation:C2004A00972:clause:2_10
Version: federal_register_of_legislation:C2004A00972
Segment Type: clause
Provision Reference: sch 2 cl 10
Character Range: 8633–9544

10  Late payment penalty

 (1) If any levy payable by a levy paying entity:
 (a) is not paid on or before the day on which it is due and payable (the due day for payment); and
 (b) remains unpaid after the penalty calculation day;
the levy paying entity is liable to pay, by way of penalty, an amount worked out at the rate of 20% per year on the amount unpaid, computed from the end of the due day for payment to the end of the penalty calculation day.

 (2) The penalty calculation day is:
 (a) if the levy is paid on or after the first day of a month and before the sixth day of that month—the 20th day of the immediately preceding month; or
 (b) if the levy is paid on or after the sixth day of a month and before the 20th day of that month—the sixth day of that month; or
 (c) if the levy is paid on or after the 20th day of a month and on or before the last day of that month—the 20th day of that month.