110Late payment fee for certain unpaid cost‑recovery charges

110 Late payment fee for certain unpaid cost‑recovery charges

(1) For subsection 595(1) of the Act, this section provides for a late payment fee in relation to certain cost‑recovery charges. (2) If a cost‑recovery charge referred to in section 108 is not paid at or before the time the charge is due and payable, a late payment fee, worked out in accordance with subsection (4), is due and payable in addition to the charge. (3) If an instalment of a cost‑recovery charge referred to in paragraph 108(4)(b) is not paid at or before the time the instalment is due and payable, a late payment fee, worked out in accordance with subsection (4), is due and payable in addition to the instalment. (4) The late payment fee is: Start formula start fraction 0.2 times Relevant charge times Days overdue over 365 end fraction end formula where:

days overdue is the number of days after the relevant charge is due and payable that elapse before the day on which the relevant charge is paid.

relevant charge means a cost‑recovery charge referred to in subsection (2) or an instalment referred to in subsection (3).