97PLate payment penalty

#### 97P Late payment penalty (1) If an amount of premium or regulatory contribution payable by an Entity or Commonwealth authority is not paid by the Entity or authority: (a) by 31 July in the financial year to which the premium or regulatory contribution relates; or (b) within 30 days after the day on which notice of the determination of the premium or regulatory contribution is issued; whichever is the later, interest is payable, by way of penalty, on the amount, at such rate as is from time to time specified by the Minister by legislative instrument, in respect of each day on which the amount is not so paid. However, interest is not payable under this subsection if it is less than $100. (2) If: (a) an amount of exit contribution or regulatory contribution is payable by a body corporate or the Australian Capital Territory under section 97CA, 97CB, 97CC or 97DA; and (b) the amount is not paid by the body corporate or the Australian Capital Territory within 28 days after the day on which notice of the determination of the exit contribution or regulatory contribution is issued; interest is payable, by way of penalty, on the amount, at such rate as is from time to time specified by the Minister by legislative instrument, in respect of each day on which the amount is not so paid. However, interest is not payable under this subsection if it is less than $100. (3) Subsection (2) does not apply to an amount of exit contribution if Comcare has, under subsection 97HA(5), permitted the amount to be paid in instalments. (4) If: (a) an amount of exit contribution is payable by a body corporate or the Australian Capital Territory under section 97CA, 97CB or 97CC; and (b) Comcare has, under subsection 97HA(5), permitted the amount to be paid in instalments; and (c) the amount of the last instalment is not paid by the body corporate or the Australian Capital Territory within 28 days after the day on which the last instalment becomes payable; interest is payable, by way of penalty, on the amount of the last instalment, at such rate as is from time to time specified by the Minister by legislative instrument, in respect of each day on which the amount of the last instalment is not so paid. However, interest is not payable under this subsection if it is less than $100.