20Late payment penalty

20 Late payment penalty

(1) If any levy payable by the trustee of a fund remains unpaid as at:

(a) the beginning of the first levy month after the time when it became due for payment; or

(b) the beginning of a later levy month;

the trustee is liable to pay to the Commonwealth, in respect of that levy month, by way of penalty, the amount worked out using the formula:

Start formula Unpaid Levy times start fraction 0.2 over 12 end fraction end formula

(2) Late payment penalty for a levy month is due and payable at the end of the levy month.