434Time for payment

434 Time for payment

434 Time for payment

(1) Royalty for any mineral recovered during a royalty period is payable within one month after the last day of that royalty period.

(2) A failure to pay the royalty within one month after the last day of that royalty period is a tax default for the purposes of the Taxation Administration Act 1996.

Note—

If a tax default occurs, interest and penalty tax may be charged under the Taxation Administration Act 1996.

(3) A tax default does not occur in respect of an amount of royalty payable until the expiration of 7 days after:

(a) the landed value of the mineral has been agreed or determined under section 432, where the rate of royalty is related to the landed value of the mineral, or

(b) the quantity of the mineral has been agreed or determined under section 433, where the rate of royalty is related to the quantity of the mineral recovered.

s 434: Am 2014 No 37, Sch 4.3 [7].