Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a * private health insurance levy remains wholly or partly unpaid by a person after it becomes due and payable, the person is liable to pay a late payment penalty under this section.
(2) The * late payment penalty is calculated:
(a) at the rate specified in the Private Health Insurance (Levy Administration) Rules (which must not be higher than 15%); and
(b) on the unpaid amount of the levy; and
(c) for the period:
(i) starting when the levy becomes due and payable; and
(ii) ending when the levy, and the penalty payable under this section, have been paid in full.