Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if royalty payable by a person under the Royalty Act remains unpaid after the time when it became due for payment.
(2) The person is liable to pay a penalty accruing from the time the royalty became due for payment until it is paid in full.
(3) The penalty is calculated at the rate of 0.333333% per day on the amount of the royalty remaining unpaid.
(4) A penalty is not payable under this section in relation to any period before the end of 7 days after the value of the petroleum was agreed or determined under section 12 of the Royalty Act.
(5) An amount payable under this section is to be known as a late payment penalty .
(6) In this section:
"royalty" includes an amount under subsection 16(2) of the Royalty Act.