162Penalties for shortfalls

#### 162 Penalties for shortfalls 162 Penalties for shortfalls > > (1) A scheme participant who has a shortfall for a compliance period must pay a penalty for the compliance period (a shortfall penalty). > > > (2) The amount of the shortfall penalty is the amount, in dollars, calculated by multiplying the shortfall by the scheme penalty rate. > > > (3) The amount must be rounded down to the nearest whole number of dollars. > > > (4) Regulations may be made in relation to the assessment of the amount of a shortfall penalty payable by a scheme participant, including self-assessment or assessment by the Scheme Regulator.