sec.588Interest on amounts owing to the State other than for petroleum royalty

### sec.588 Interest on amounts owing to the State other than for petroleum royalty This section does not apply in relation to petroleum royalty. For interest on unpaid petroleum royalty, see the Taxation Administration Act 2001 , section 54 . Interest is payable to the State on any amount owing under this Act by anyone to the State and unpaid from time to time after the relevant day. annual or other rent, a civil penalty for nonpayment of annual rent or an annual licence fee The interest accrues daily at the rate prescribed under a regulation on the unpaid amount for the period starting on the day immediately after the amount became payable and ending on the day the amount owing on which interest is payable is paid in full, both days inclusive. Any amount received in payment of the unpaid amount or the interest must first be applied in payment of the interest. Subsection (4) applies despite any order or direction of the payer. In this section— relevant day means the following— for an amount for annual or other rent or a civil penalty for nonpayment of annual rent—the day that is 3 months after the last day for payment of the rent or civil penalty; for another amount—the day the amount becomes owing. s 588 amd 2011 No. 2 ss 121 , 122 sch ; 2020 No. 30 s 67 (sec.588-ssec.1) This section does not apply in relation to petroleum royalty. For interest on unpaid petroleum royalty, see the Taxation Administration Act 2001 , section 54 . (sec.588-ssec.2) Interest is payable to the State on any amount owing under this Act by anyone to the State and unpaid from time to time after the relevant day. annual or other rent, a civil penalty for nonpayment of annual rent or an annual licence fee (sec.588-ssec.3) The interest accrues daily at the rate prescribed under a regulation on the unpaid amount for the period starting on the day immediately after the amount became payable and ending on the day the amount owing on which interest is payable is paid in full, both days inclusive. (sec.588-ssec.4) Any amount received in payment of the unpaid amount or the interest must first be applied in payment of the interest. (sec.588-ssec.5) Subsection (4) applies despite any order or direction of the payer. (sec.588-ssec.6) In this section— relevant day means the following— for an amount for annual or other rent or a civil penalty for nonpayment of annual rent—the day that is 3 months after the last day for payment of the rent or civil penalty; for another amount—the day the amount becomes owing. - (a) for an amount for annual or other rent or a civil penalty for nonpayment of annual rent—the day that is 3 months after the last day for payment of the rent or civil penalty; - (b) for another amount—the day the amount becomes owing.