Commonwealth Consolidated Acts

FINANCIAL INSTITUTIONS SUPERVISORY LEVIES COLLECTION ACT 1998 - SECT 10

             (1)  If any levy payable by a levy paying entity:

                     (a)  is not paid on or before the day on which it is due and payable (the due day for payment ); and

                     (b)  remains unpaid after the penalty calculation day;

the levy paying entity is liable to pay, by way of penalty, an amount worked out at the rate of 20% per year on the amount unpaid, computed from the end of the due day for payment to the end of the penalty calculation day.

             (2)  The penalty calculation day is:

                     (a)  if the levy is paid on or after the first day of a month and before the sixth day of that month--the 20th day of the immediately preceding month; or

                     (b)  if the levy is paid on or after the sixth day of a month and before the 20th day of that month--the sixth day of that month; or

                     (c)  if the levy is paid on or after the 20th day of a month and on or before the last day of that month--the 20th day of that month.