Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If any levy remains unpaid on any day after the time when it became payable, or would apart from section 6 have become payable, additional levy is payable by way of penalty by the person liable to pay the levy, at the percentage applicable under subsection (2) in respect of that day, on the amount unpaid, computed from that time or, if under section 6 the Corporation has granted an extension of time for payment of the levy or has permitted payment of the levy to be made by instalments, from such date as the Corporation determines, not being a date before the date on which the levy was originally payable.
(2) The percentage applicable in respect of a day is 2 percentage points above the maximum indicator interest rate for that day, where:
"maximum indicator interest rate" , in relation to a day, means the higher or the highest, as the case may be, of the range of rates of interest per annum current on that day quoted by the Reserve Bank, on the basis of reports by each bank regarded by the Reserve Bank as a major trading bank operating in Australia, in respect of overdrafts of $100,000 or more.
(3) If judgment is given by, or entered in, a court for payment of:
(a) an amount of levy; or
(b) an amount that includes an amount of levy;
then:
(c) the levy is not taken, for the purposes of subsection (1), to have ceased to be payable merely because of the giving or entering of the judgment; and
(d) if the judgment debt carries interest, the additional levy that would, apart from this paragraph, be payable under this section in relation to the levy is, by force of this paragraph, reduced by:
(i) in a case to which paragraph (a) applies--the amount of the interest; or
(ii) in a case to which paragraph (b) applies--the amount worked out in accordance with the formula:
.
(4) In this section:
"bank" includes, but is not limited to, a body corporate that is an ADI (authorised deposit - taking institution) for the purposes of the Banking Act 1959 .