sec.39Fee for failing to lodge royalty return on time

sec.39 Fee for failing to lodge royalty return on time

If a petroleum producer is required to lodge a royalty return and does not lodge the return by the day it is required to be lodged, the petroleum producer must pay the prescribed fee. The prescribed fee is 206.70 fee units. For the Taxation Administration Act 2001 , section 30 (1) (d) , the time by which the prescribed fee is payable is the day the assessment is made of the petroleum royalty payable for the period to which the return relates. The revenue commissioner may remit the whole or part of the fee. The remission must be made by assessment under the Taxation Administration Act 2001 . For working out the amount of the fee expressed in subsection (2) as a number of fee units, for the purpose of the Acts Interpretation Act 1954 , section 48C (3) , the amount is to be rounded down to the nearest multiple of 5 cents. Subsection (2) provides for a fee of 206.70 fee units. If the value of a fee unit for this regulation were $1.025, the number of dollars obtained by multiplying $1.025 by 206.70 would be $211.8675. After rounding down, the amount of the fee would be $211.85. s 39 amd 2022 SL No. 53 s 12 (sec.39-ssec.1) If a petroleum producer is required to lodge a royalty return and does not lodge the return by the day it is required to be lodged, the petroleum producer must pay the prescribed fee. (sec.39-ssec.2) The prescribed fee is 206.70 fee units. (sec.39-ssec.3) For the Taxation Administration Act 2001 , section 30 (1) (d) , the time by which the prescribed fee is payable is the day the assessment is made of the petroleum royalty payable for the period to which the return relates. (sec.39-ssec.4) The revenue commissioner may remit the whole or part of the fee. (sec.39-ssec.5) The remission must be made by assessment under the Taxation Administration Act 2001 . (sec.39-ssec.6) For working out the amount of the fee expressed in subsection (2) as a number of fee units, for the purpose of the Acts Interpretation Act 1954 , section 48C (3) , the amount is to be rounded down to the nearest multiple of 5 cents. Subsection (2) provides for a fee of 206.70 fee units. If the value of a fee unit for this regulation were $1.025, the number of dollars obtained by multiplying $1.025 by 206.70 would be $211.8675. After rounding down, the amount of the fee would be $211.85.