Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) a person mentioned in paragraph 20(1)(a) or (2)(a) (about notices requiring information) gives to the collecting agency under that section information relating to the importation, manufacture or disposal of a chemical product during a period; and
(b) the total leviable value (the understated value ) in respect of the product for the period worked out on the basis of that information is less than the actual total leviable value in respect of the product for the period.
(2) The person is liable to pay an understatement penalty in respect of the product for the period of the higher of the following amounts:
(a) $100;
(b) 25% of the difference between the actual total leviable value and the understated value.
(3) The collecting agency may remit the whole or a part of an amount of understatement penalty.
Note: If any understatement penalty payable in respect of a chemical product is not paid, the Agvet Codes provide that the APVMA may refuse to renew the registration of the product.