Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an amount of interim tax that is payable by a person remains unpaid after the day on which it becomes due and payable, the person is liable to pay a penalty ( late payment penalty ) on the unpaid amount for each day until all of the interim tax has been paid.
(2) The late payment penalty rate is 20% per year, or such lower rate as the ACMA determines in writing for the purposes of this subsection.
(3) The ACMA may remit the whole or part of a late payment penalty that a person is liable to pay under subsection (1).
(4) The late payment penalty for a day is due and payable at the end of that day.
(5) Late payment penalty:
(a) is a debt due to the ACMA on behalf of the Commonwealth; and
(b) may be recovered by the ACMA, on behalf of the Commonwealth, in:
(i) the Federal Court; or
(ii) the Federal Circuit and Family Court of Australia (Division 2); or
(iii) a court of a State or Territory that has jurisdiction in relation to the matter.
(6) If the amount of the late payment penalty for a day is not an amount of whole dollars, the late payment penalty is rounded to the nearest dollar (rounding 50 cents upwards).
(7) If there is an overpayment of late payment penalty, the overpayment is to be refunded by the ACMA on behalf of the Commonwealth.
(8) A determination under subsection (2) is a legislative instrument.