Penalty royalty on default assessment under section 19
42B Penalty royalty on default assessment under section 19
(1) If the Secretary makes a default assessment under section 19, the royalty payer in respect of whom the default assessment is made is liable to pay:
the amount of royalty payable on the default assessment; and
(b) an additional amount of royalty equal to 75% of that amount of royalty; and
(c) interest imposed under section 42 on the part of that amount of royalty not paid on the due date in accordance with section 40.
(2) The Secretary may, for the reasons he or she thinks sufficient, remit the whole or a part of an additional amount of royalty referred to in subsection (1)(b) and, on remission, the liability to pay that whole or part of the additional amount of royalty ceases.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.