16Recovery of levy, late payment penalty and shortfall penalty

16 Recovery of levy, late payment penalty and shortfall penalty

(1) The following amounts may be recovered by the Commonwealth from a person as debts due to the Commonwealth: (a) levy that is due and payable by the person; (b) late payment penalty that is due and payable by the person; (c) shortfall penalty that is due and payable by the person. (2) ASIC is authorised, as agent of the Commonwealth, to bring proceedings in the name of the Commonwealth for the recovery of a debt due to the Commonwealth of a kind mentioned in subsection (1).