51
CurrentPenalty for late payment
Part 6Levies
51 Penalty for late payment
(1)
If an employer fails to furnish a return or to pay a levy as and when required by or under this Act—
(a)
the amount of any levy in arrears will be increased by penalty interest at the prescribed rate; and
(b)
the relevant industry board may impose on the employer a fine of an amount (not exceeding the prescribed amount) fixed by the board.
(2)
An industry board may for any proper reason remit penalty interest or a fine imposed under subsection (1) wholly or in part.
This Act’s bill:Second reading speech
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