16Instalment notices

16 Instalment notices

16 Instalment notices

(1) The Chief Commissioner must give to each insurer who is required to pay an initial contribution amount a written notice, in relation to each instalment that is payable (an instalment notice), that specifies—

(a) the amount of the instalment payable under the instalment notice, and

(b) the date by which the instalment is payable.

(2) The instalment notice must state the following—

(a) the initial contribution amount payable by the insurer for the financial year,

(b) the amount of any instalments already paid by the insurer for the financial year,

(c) the amount that remains to be paid for the financial year after payment of the instalment.

(3) An instalment notice must be served on the insurer no less than 21 days before the date by which the instalment is payable.

(4) If the instalment notice is served on an insurer less than 21 days before the date by which the instalment is payable, the due date for payment of the instalment is extended to the date that is 21 days after service of the instalment notice.

(5) An instalment notice is not an assessment of tax liability.