8Late payment penalty payable

8 Late payment penalty payable

(1) If any annual charge payable by a person remains unpaid after the due date, the person is liable to pay to the Commonwealth, by way of penalty, an amount calculated in accordance with this section.

(2) The amount is calculated, for each day the charge remains unpaid from the due date, by multiplying the daily rate worked out by reference to the rate of late payment penalty mentioned in section 9 for the day by the sum of so much of the following amounts as remains unpaid:

(a) annual charge; and

(b) late payment penalty payable from previous days.