Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an amount payable by a person under section 22XNI remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:
(a) 20% per annum; or
(b) if a lower rate per annum is specified in the safeguard rules--that lower rate per annum;
on the amount unpaid, computed from that time.
Power to remit
(2) The Regulator may remit the whole or a part of an amount payable under subsection (1) if:
(a) the Regulator is satisfied that the person did not contribute to the delay in payment and has taken reasonable steps to mitigate the causes of the delay; or
(b) the Regulator is satisfied:
(i) that the person contributed to the delay but has taken reasonable steps to mitigate the causes of the delay; and
(ii) having regard to the nature of the reasons that caused the delay, that it would be fair and reasonable to remit some or all of the amount; or
(c) the Regulator is satisfied that there are special circumstances that make it reasonable to remit some or all of the amount.
(3) The Regulator may exercise the power conferred by subsection (2):
(a) on written application being made to the Regulator by a person; or
(b) on the Regulator's own initiative.
Refusal
(4) If:
(a) the Regulator decides to refuse to remit the whole or a part of an amount payable under subsection (1); and
(b) the Regulator made the decision in response to an application;
the Regulator must give written notice of the decision to the applicant.