Penalty for unpaid renewable energy shortfall charge or unpaid penalty charge
70 Penalty for unpaid renewable energy shortfall charge or unpaid penalty charge
Unpaid renewable energy shortfall charge
If an amount (the unpaid amount) of renewable energy shortfall charge which a liable entity is liable to pay is not paid by the time by which it is due to be paid, the liable entity is liable to pay, by way of penalty, interest charge on the whole of the unpaid amount for each day in the period that:
started at the beginning of the day by which the amount of the renewable energy shortfall charge was due to be paid; and
finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
the renewable energy shortfall charge;
interest charge on any of the renewable energy shortfall charge.
Unpaid penalty charge
If an amount (the unpaid amount) of penalty charge which a liable entity is liable to pay is not paid by the time by which it is due to be paid, the liable entity is liable to pay, by way of penalty, interest charge on the whole of the unpaid amount for each day in the period that:
started at the beginning of the day by which the amount of the penalty charge was due to be paid; and
finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
the penalty charge;
interest charge on any of the penalty charge.
Amount of interest charge
The amount of the interest charge for a day is worked out by multiplying the unpaid amount by the general interest charge rate for the day.
When interest charge becomes due and payable
The interest charge for a day is due and payable at the end of that day.
This Act’s bill:Explanatory memorandumSecond reading speech
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