7Penalty for late payment of levy

7 Penalty for late payment of levy

If any levy remains unpaid after it became due for payment, the person liable to pay the levy must pay the Commonwealth the amount of penalty worked out as follows: (a) during the month in which the levy became due for payment the penalty accrues at the rate of 2% a month on the levy due; (b) during each later month the amount of penalty is the sum of: (i) each amount of penalty that accrued during a previous month; and (ii) the amount accruing during that month at the rate of 2% a month on the sum of the amount of levy then payable and penalty payable at the end of the previous month.