Document ID: chunk:federal_register_of_legislation:C2004A00735:clause:3_101a
Version: federal_register_of_legislation:C2004A00735
Segment Type: clause
Provision Reference: sch 3 cl 101A
Character Range: 176894–178260

101A  Penalty for late payment of levy

 (1) If any amount of levy that a person is liable to pay under section 99 remains unpaid after the day by which it must be paid, the person is liable to a penalty on the unpaid amount for each day until all of the levy has been paid.

 (2) The penalty rate is 20% per year, or such lower rate as the ACA determines in writing for the purposes of this subsection.

 (3) The ACA may remit the whole or part of a penalty that a person is liable to pay under subsection (2).

 (4) The penalty for a day is due and payable to the ACA at the end of that day and may be recovered by the ACA, on the Commonwealth's behalf, as a debt due to the Commonwealth.

 (5) Amounts of penalty received are to be paid into the Consolidated Revenue Fund.

 (6) If the amount of the penalty is not an amount of whole dollars, the penalty is rounded to the nearest dollar (rounding 50 cents upwards).

 (7) As soon as practicable after a person fails to pay an amount of levy by the time by which it must be paid, the ACA must, in writing, notify the person that the person is liable to a penalty under this section. However, a failure to do so does not affect the person's liability.

 (8) A determination made for the purposes of subsection (2) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.