121Late payment penalty

#### 121 Late payment penalty (1) If an amount of levy that is payable by a person remains unpaid after the day on which it becomes due and payable, the person is liable to pay a penalty (late payment penalty) on the unpaid amount for each day until all of the levy has been paid. (2) The late payment penalty rate is 20% per year, or such lower rate as the ACMA determines in writing for the purposes of this subsection. (3) The ACMA may remit the whole or part of a late payment penalty that a person is liable to pay under subsection (2). (4) The late payment penalty for a day is due and payable at the end of that day. (5) Late payment penalty: (a) is a debt due to the ACMA on behalf of the Commonwealth; and (b) may be recovered by the ACMA, on behalf of the Commonwealth, in a court of competent jurisdiction. (6) If the amount of the late payment penalty for a day is not an amount of whole dollars, the late payment penalty is rounded to the nearest dollar (rounding 50 cents upwards). (7) A determination under subsection (2) is a legislative instrument.