PETROLEUM (ONSHORE) ACT 1991 - SECT 92
Penalty for late payment
PETROLEUM (ONSHORE) ACT 1991 - SECT 92
Penalty for late payment
92 Penalty for late payment
(1) If an amount of royalty is not paid in due
time, there is payable to the Minister by the holder of the petroleum title an
additional amount calculated at the rate of one-third of one per cent per day
on the amount of royalty from time to time remaining unpaid, to be computed
from the time when the royalty became payable until it is paid.
(2) An
additional amount in respect of royalty is not payable under subsection (1) in
respect of any period before the expiration of 7 days after the value of the
petroleum was agreed or determined under this Part.
(3) This section applies
to royalty payable for a period commencing before 1 July 2014. The Taxation
Administration Act 1996 applies to royalty payable for a period commencing on
or after 1 July 2014.
