Payment by instalments
44 Payment by instalments
(1) A person who is liable to pay an amount of the levy (other than an amount worked out under section 33(2)(b)(ii)) may apply to the Board for the payment to be made by instalments if:
(a) the amount of the levy exceeds the amount prescribed by the Regulations for this subsection; and
(b) the time reasonably needed to carry out the construction work exceeds one year.
The Board may approve or refuse the application.
If the Board approves the application:
the first instalment:
(i) must not be less than the amount prescribed for subsection (1)(a); and
(ii) must be paid to the Board at or before the time when the amount of the levy would, apart from this section, be payable by the person; and
each subsequent instalment:
(i) must be equal to the amount decided by the Board and notified to the person; and
(ii) must be paid within the time decided by the Board and notified to the person.
(4) A time decided by the Board for subsection (3)(b)(ii) must be before the construction work ends.
An instalment:
does not bear interest under section 45; and
is not recoverable under section 47.
(6) However, if a person fails to pay an instalment in accordance with subsection (3):
the approval under this section ceases to have effect; and
the amount of the levy that remains unpaid by the person:
immediately becomes payable; and
starts to bear interest under section 45; and
is recoverable under section 47.
(7) Subsection (6) does not apply if the Board is satisfied that the subsection should not apply because of the special circumstances of the case.
This provision refers to the regulations (prescribed by the Regulations
). Made under this Act:
This Act’s bill:Second reading speech
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