149Payment of royalty

149 Payment of royalty

149 Payment of royalty

(1) Royalty under this Act in respect of petroleum recovered during a royalty period is payable not later than the last day of the next succeeding royalty period.

(2) A failure to pay royalty payable under this Act by the end of that next succeeding 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 before the expiration of 7 days after the value of the relevant petroleum is agreed or determined under section 147.

s 149: Am 2014 No 37, Sch 4.5 [7].