Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997 No. 70, 1997 - SECT 25

Monthly penalty for non-payment
25. (1) If an amount of surcharge or advance instalment payable by a person
remains unpaid throughout the whole or part of:

   (a)  the calendar month starting on the day after the day on which the
        amount became due and payable; or

   (b)  any following calendar month; the person must pay to the Commonwealth,
        for that calendar month, a penalty worked out under subsection (2).
        However, this subsection does not apply if the amount was fully paid
        before the 15th day of the calendar month referred to in paragraph
        (a). Note: Calendar month is defined by section 22 of the Acts 
        Interpretation Act 1901 .

Calculation of penalty

(2) The penalty for a calendar month is the amount worked out using the
following formula and rounded up to the nearest whole dollar:
Unpaid amount x 0.2
12 where: unpaid amount means the surcharge or advance instalment unpaid at
the start of the calendar month.

When penalty is payable

(3) Late payment penalty for a calendar month is due and payable at the end of
that month.

Commissioner may remit penalty

(4) The Commissioner may remit the whole or part of an amount of late payment
penalty. Note: A refusal to remit late payment penalty is reviewable by the
Administrative Appeals Tribunal (see section 29).