Default assessments where annual statement not lodged
62E Default assessments where annual statement not lodged
The Scheme Regulator may make an assessment for a compliance period if a scheme participant fails to lodge an annual statement for the compliance period in accordance with the Act.
In making an assessment the Scheme Regulator must—
for an assessment of a participant’s individual certificate target—apply the formula in the Act, Schedule 4A, clause 92, and
for an assessment of the participant’s liability for a shortfall penalty for a compliance period—calculate the shortfall penalty in accordance with the Act, Schedule 4A, clause 98(2).
As soon as practicable after the assessment is made the Scheme Regulator must give written notice of the assessment to the scheme participant.
The assessment is taken to have been made on—
15 December in the year the compliance period ends, or
a later date specified by the Scheme Regulator in the notice of assessment given to the scheme participant.
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