26CWhen levy due for payment

26C When levy due for payment

(1) A levy payable by an ADI or a general insurer is due and payable on the date specified in the regulations imposing the levy.

(2) The date specified must not be earlier than the 28th day after the day on which the regulation imposing the levy took effect.

(3) However, APRA may, by written notice given to the ADI or general insurer before, on or after the day on which levy would be due and payable apart from this subsection, specify a later day as the day on which the levy is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.

Note: The notice may affect whether and when the ADI or general insurer is liable to pay late payment penalty.