34ZMPenalty imposed if an amount is repaid late

#### 34ZM Penalty imposed if an amount is repaid late (1) If: (a) a person owes a debt to the Commonwealth under subsection 34ZJ(3); and (b) the debt remains wholly or partly unpaid after it becomes due and payable; the person is liable to pay a late payment penalty under this section. (2) The late payment penalty is calculated: (a) at the rate specified in the rules for the purposes of this paragraph; and (b) on the unpaid amount; and (c) for the period: (i) starting when the amount becomes due and payable; and (ii) ending when the amount, and the penalty payable under this section in relation to the amount, have been paid in full. (3) The Chief Executive Medicare may remit the whole or a part of an amount of late payment penalty if the Chief Executive Medicare considers that there are good reasons for doing so. (4) An application may be made to the Administrative Review Tribunal for review of a decision of the Chief Executive Medicare not to remit, or to remit only part of, an amount of late payment penalty. > Note: Section 266 of the Administrative Review Tribunal Act 2024 requires notification of a decision that is reviewable.