Interest on amounts owing to the State under this Act
102 Interest on amounts owing to the State under this Act
Interest is payable to the State on any amount owing under this Act by anyone to the State and unpaid from time to time after the relevant day.
Examples of an amount that may be owing under this Act—
annual or other rent, a civil penalty for nonpayment of annual rent
The interest accrues daily at the rate prescribed under a regulation on the unpaid amount for the period starting on the day immediately after the amount became payable and ending on the day the amount owing on which interest is payable is paid in full, both days inclusive.
Any amount received in payment of the unpaid amount or the interest must first be applied in payment of the interest.
Subsection (3) applies despite any order or direction of the payer.
In this section—
relevant day means the following—
for an amount for annual or other rent or a civil penalty for nonpayment of the rent—the day that is 3 months after the last day for payment of the rent or civil penalty;
for another amount—the day the amount becomes owing.
This provision refers to the regulations (a regulation
). Made under this Act:
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