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.