Victorian Current Acts

UNCLAIMED MONEY ACT 2008 - SECT 48

    (1)     If a default occurs, the business or trustee is liable to pay a penalty in addition to the amount payable that remains unpaid.

    (2)     A penalty imposed under this Division is in addition to interest.

    (3)     A penalty is not payable in respect of a default that consists of a failure to pay—

        (a)     interest under Division 3; or

        (b)     a penalty previously imposed under this Division.