73Participants required to contribute toward costs of scheme

73 Participants required to contribute toward costs of scheme

73 Participants required to contribute toward costs of scheme

(1) A person who, at the start of a scheme year, is a participant in the scheme is required to pay to the EPA a contribution as referred to in section 295H of the Act, calculated in accordance with this Part.

(2) The EPA is to inform each person who is required to pay a contribution under this clause of the amount that the person is required to pay, by notice in writing given to the person.

(3) The contribution must be paid within 30 days after the notice is given by the EPA, or by such later date as may be specified by the EPA in the notice.

(4) The contribution may be paid in instalments, in accordance with arrangements specified by the EPA in the notice.

Note—

Section 295H (4) of the Act provides that if an instalment is not paid by the due date, the balance then becomes due and payable.

(5) If a contribution (or an instalment) is not paid by the due date for its payment, the contribution (or balance payable) is to be increased by the amount of simple interest calculated at the rate of 25 per cent per annum on the amount of the contribution unpaid for each day that elapses after the due date and before the date of payment.

(6) For avoidance of doubt, a person remains liable for a contribution under this Part even if the person ceases to be a participant in the scheme during the scheme year.

Note—

The EPA is not required to pay a contribution under this Part (see section 295H (6) of the Act).