EMERGENCY SERVICES FUNDING ACT 1998 - SECT 17J
EMERGENCY SERVICES FUNDING ACT 1998 - SECT 17J
(a) a
default to which this Subdivision applies occurs; or
(b) a
person fails to pay, in accordance with this Act, the whole or part of a
penalty levy payable in respect of a default to which this Subdivision
applies,
the person in default is liable to pay interest on the amount of the levy or
penalty levy unpaid at the interest rate from time to time applying under this
section.
(2) Interest is not
payable under subsection (1) in respect of a failure to pay interest
under this section.
(3) Subject to
subsection (4), interest accrues on a daily basis—
(a) on
the amount of a levy unpaid—from the date stated for payment of the levy
in the notice under section 16; and
(b) on
the amount of a penalty levy unpaid—from the date stated for payment of
the penalty levy in the notice under section 17M.
(4) If the amount of
interest payable for the time being would, apart from this subsection, be less
than $20, no interest is payable.
(5) If judgment is
given by or entered in a court for an amount that represents or includes the
whole or part of an unpaid levy or an unpaid penalty levy, the interest rate
applying under this section continues to apply in relation to the amount of
the levy or penalty levy unpaid, while it remains unpaid, to the exclusion of
any other interest rate.
(6) The Commissioner
may, at the Commissioner's discretion, remit interest otherwise payable by any
amount.
(7) A decision under
subsection (6) is a non-reviewable decision.
(8) The interest rate
that applies under this section is the sum of—
(a) the
market rate (within the meaning of section 26 of the
Taxation Administration Act 1996 ); and
(b) 8%
per annum.