18How may rates be paid?

18 How may rates be paid? (1) Rates payable for a year for a parcel of land must be paid by the owner— (a) if the amount payable is for a year and any arrears of rates in relation to previous years have been paid in full—by paying, on or before the payment date, the amount of the rates less the discount rate; or

(b) if the amount payable is for part of a year—by paying the amount of the rates on or before the payment date; or (c) by paying the rates in instalments in accordance with section 19; or (d) by paying amounts so that the total amount paid by the person on or before a date in the year is not less than the total amount that the person would have paid on that date if the person were paying the rates in instalments in accordance with section 19. (2) If the amount payable under a notice of assessment is for a period of longer than a year, subsection (1) (a) applies only to the payment of that part of the amount payable that is for a year. discount rate means the discount rate determined under the Taxation Administration Act, section 139.