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](/view/html/inforce/current/act-1996-097). > > > > Note. > > > > If a tax default occurs, interest and penalty tax may be charged under the [Taxation Administration Act 1996](/view/html/inforce/current/act-1996-097). > > > (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 \[7\].