sec.46Imposition— Act , s 321A

sec.46 Imposition— Act , s 321A

This section applies if a person makes a section 20 election and either— the royalty payable for the current return period exceeds the royalty payable for the previous return period by an amount that is more than 15% of the royalty payable for the previous return period; or both of the following apply— the royalty payable for the current return period is less than the royalty payable for the previous return period; the total of the royalty payable for the first month and the second month of the current return period is less than 50% of the total royalty payable for the current return period. The person is liable to the State for an amount ( civil penalty ) equal to 25% of the default estimate difference, if any, for each month of the current return period for which the person makes the section 20 election. For subsection (2) , the default estimate difference for a month of the current return period is the difference between— the amount that would have been payable for the month under section 18 if the person had not made the section 20 election; and the amount payable for the month under the section 20 election. However, if the amount mentioned in subsection (3) (a) is less than the amount mentioned in subsection (3) (b) , the default estimate difference for the month is taken to be zero. Subsection (6) applies if, for royalty payable for the current return period, an assessment is made under the Taxation Administration Act 2001 . For subsection (1) — the royalty payable for the current return period is the amount of royalty payable taking into account the assessment; and a reference to the royalty payable for the previous return period is a reference to the amount worked out under section 20 (2) . The revenue commissioner may remit the whole or part of the civil penalty. The remission must be made by assessment under the Taxation Administration Act 2001 . In this section— current return period see section 20 (1) (a) . section 20 election means an election under section 20 (3) to change the amount payable to the State for the first month or the second month of the current return period. (sec.46-ssec.1) This section applies if a person makes a section 20 election and either— the royalty payable for the current return period exceeds the royalty payable for the previous return period by an amount that is more than 15% of the royalty payable for the previous return period; or both of the following apply— the royalty payable for the current return period is less than the royalty payable for the previous return period; the total of the royalty payable for the first month and the second month of the current return period is less than 50% of the total royalty payable for the current return period. (sec.46-ssec.2) The person is liable to the State for an amount ( civil penalty ) equal to 25% of the default estimate difference, if any, for each month of the current return period for which the person makes the section 20 election. (sec.46-ssec.3) For subsection (2) , the default estimate difference for a month of the current return period is the difference between— the amount that would have been payable for the month under section 18 if the person had not made the section 20 election; and the amount payable for the month under the section 20 election. (sec.46-ssec.4) However, if the amount mentioned in subsection (3) (a) is less than the amount mentioned in subsection (3) (b) , the default estimate difference for the month is taken to be zero. (sec.46-ssec.5) Subsection (6) applies if, for royalty payable for the current return period, an assessment is made under the Taxation Administration Act 2001 . (sec.46-ssec.6) For subsection (1) — the royalty payable for the current return period is the amount of royalty payable taking into account the assessment; and a reference to the royalty payable for the previous return period is a reference to the amount worked out under section 20 (2) . (sec.46-ssec.7) The revenue commissioner may remit the whole or part of the civil penalty. (sec.46-ssec.8) The remission must be made by assessment under the Taxation Administration Act 2001 . (sec.46-ssec.9) In this section— current return period see section 20 (1) (a) . section 20 election means an election under section 20 (3) to change the amount payable to the State for the first month or the second month of the current return period.