sec.87Interest on, and extension of time for payment of, levy

sec.87 Interest on, 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 under a regulation. Interest forms part of, and may be recovered as, 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 63 and 84 . (sec.87-ssec.1) A levy amount not paid at or before the time for its payment bears compound interest at the rate prescribed under a regulation. (sec.87-ssec.2) Interest forms part of, and may be recovered as, unpaid levy. (sec.87-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.87-ssec.4) Subsection (3) applies despite sections 63 and 84 .

• (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.