Victorian Current Acts

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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2010 - SECT 697

Late payment penalty

    (1)     This section applies if a fee or royalty payable by a person under Division 1, 2, 3 or 4 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 fee 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 fee remaining unpaid.

    (4)     A penalty under this section is to be known as a late payment penalty .



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