26Licence fees and returns

26 Licence fees and returns

(1)  An applicant for the grant or renewal of a licence, or so much of the licence as does not authorise the carrying out of an activity, for a term of 2 years or more is not entitled to the grant or renewal of the licence, or so much of the licence as does not authorise the carrying out of an activity, respectively, unless the applicant has paid to the Regulator, by the date notified by the Regulator, the relevant licence fee or the first instalment of that fee in relation to the licence.

(2)  A licensee issued with a licence for a term of 2 years or more must –

(a) in each year lodge with the Regulator, before the date prescribed for that purpose, an annual return containing the information required by the Regulator as a condition of the licence or by written notice; and

(b) in each year (other than a year in which the licence is due to expire) pay to the Regulator a fee in relation to the licence or the first instalment of that fee, by the date notified by the Regulator.

Penalty:  Fine not exceeding 10 penalty units.

(3)  The licence fee in relation to a licence is the fee, determined by the Regulator, that represents the reasonable cost of administering this Act in relation to the licence.

(4)  The Regulator may determine that the licence fee in relation to any licence is to be paid in equal instalments at intervals fixed by the Regulator.

(5)  If a licensee fails to pay a licence fee in accordance with subsection (2)(b)  –

(a) the amount in arrears, unless the Regulator determines otherwise, is to be increased by penalty interest at the prescribed rate; and

(b) the Regulator may impose on the licensee a fine of an amount fixed by the Regulator up to a limit of 10 penalty units or 10% of the outstanding fee, whichever is the greater.

(6)  The Regulator may for any proper reason remit, in whole or in part, penalty interest or a fine imposed under subsection (5) .

(7)  A fee and any penalty interest or fine imposed by the Regulator under this section may be recovered from the licensee by the Regulator as a debt due and payable to the Crown in any court of competent jurisdiction.