(1)  If a person has been convicted of a serious offence and an application is made to a court under section 11 (1) (b) for an order in respect of the offence, the court may –

(a) assess in accordance with section 22 the value of the benefits, including any commercial benefits, derived by the person from the commission of the offence; and

(b) order the person to pay to the State a pecuniary penalty equal to the value so assessed.

(2)  If –

(a) property that constitutes the proceeds of the serious offence referred to in subsection (1) has been forfeited under this Act or a law of another State or the Commonwealth; or

(b) a forfeiture order is proposed to be made against property that constitutes the proceeds of that serious offence –

a pecuniary penalty to be paid in respect of that offence under this section is to be taken to be reduced by an amount equal to the value (as at the time of the making of the order) of the property forfeited, or to be forfeited.

(3)  If –

(a) a court makes a pecuniary penalty order in relation to an offence; and

(b) in calculating the penalty amount, the court took into account a proposed forfeiture order in respect of property; and

(c) an appeal against the forfeiture order is allowed or the proceedings for the proposed forfeiture order terminate without the proposed forfeiture order being made –

an authorized officer may apply to the court for a variation of the pecuniary penalty order to increase the penalty amount by an amount equal to the value of the property that was to have been forfeited and the court may, if it considers it appropriate to do so, vary the pecuniary penalty order accordingly.

(3A)  The penalty amount payable under a pecuniary penalty order is to be paid within 28 days after the order is made unless the order specifies another time or period for payment.

(4)  An amount payable by a person to the State under a pecuniary penalty order made under this section is, for all purposes, taken to be a fine enforceable under the Monetary Penalties Enforcement Act 2005 .

(5)  If the pecuniary penalty payable under a pecuniary penalty order has been deemed uncollectable in full or in part under section 109 of the Monetary Penalties Enforcement Act 2005 , the amount so deemed uncollectable is taken to be a civil debt due by that person to the State and may be enforced as if it were an order made by the court in civil proceedings instituted by the State against that person to recover a debt due by that person to the State and the debt arising from the order is taken to be a judgment debt.