Commonwealth Consolidated Acts

FINANCIAL INSTITUTIONS SUPERVISORY LEVIES COLLECTION ACT 1998 - SECT 20

  (1)   If any levy payable by the trustee of a fund remains unpaid as at:

  (a)   the beginning of the first levy month after the time when it became due for payment; or

  (b)   the beginning of a later levy month;

the trustee is liable to pay to the Commonwealth, in respect of that levy month, by way of penalty, the amount worked out using the formula:

  (2)   Late payment penalty for a levy month is due and payable at the end of the levy month.