sec.88Interest on levy and extension of time for payment of levy

sec.88 Interest on levy and extension of time for payment of levy

A levy amount not paid at or before the time for its payment bears compound interest at the rate prescribed by regulation. Interest forms part of, and may be recovered as, an unpaid levy. On application by an employer and only if the authority is satisfied there are special circumstances, the authority may decide— the time for payment of all or part of a levy amount be changed to a later stated time; or the amount of interest payable under subsection (1) be waived or reduced by a stated amount. Subsection (3) applies despite sections 66 and 86 . (sec.88-ssec.1) A levy amount not paid at or before the time for its payment bears compound interest at the rate prescribed by regulation. (sec.88-ssec.2) Interest forms part of, and may be recovered as, an unpaid levy. (sec.88-ssec.3) On application by an employer and only if the authority is satisfied there are special circumstances, the authority may decide— the time for payment of all or part of a levy amount be changed to a later stated time; or the amount of interest payable under subsection (1) be waived or reduced by a stated amount. (sec.88-ssec.4) Subsection (3) applies despite sections 66 and 86 .

• (a) the time for payment of all or part of a levy amount be changed to a later stated time; or
• (b) the amount of interest payable under subsection (1) be waived or reduced by a stated amount.