Amount of penalty
49 Amount of penalty
The amount of penalty payable in respect of a default is 25% of the amount payable that remains unpaid, subject to this Division.
The Registrar may increase the amount of penalty payable in respect of a default to 75% of the amount payable that remains unpaid if the Registrar is satisfied that the default was caused wholly or partly by the intentional disregard by the business or trustee (or a person acting on behalf of the business or trustee) of this Act.
The Registrar may determine that no penalty is payable in respect of a default if the Registrar is satisfied that—
the business or trustee (or a person acting on behalf of the business or trustee) took reasonable care to comply with this Act; or
the default occurred solely because of circumstances beyond the control of the business or trustee (or, if a person acted on behalf of the business or trustee, because of circumstances beyond either the person's or the business's or trustee's control) but not amounting to financial incapacity.
This Act’s bill:Explanatory memorandumSecond reading speech
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