43Late payment of long service leave levy

43 Late payment of long service leave levy

43 Late payment of long service leave levy

(1) A long service leave levy that is not paid at or before the time the levy is due bears compound interest at the rate prescribed by the regulations.

(2) Interest forms part of, and may be recovered as, an unpaid long service leave levy.

(3) If the Corporation is satisfied there are special circumstances, the Corporation may, by direction—

(a) extend the time within which payment of all or part of a long service leave levy must be made, or

(b) waive or reduce the amount of interest payable under subsection (1).

(4) Subsection (3) has effect despite section 42.