Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (Extracts only) (24 of 2000)

Schedule 12   Transitional, saving and application provisions

Part 1   Transitional provisions for validation of determinations relating to financial sector supervisory levies

2   Deferral of date for paying levy

(1) This item applies to a levy paying entity if, because of section 4 of a Validation Act:

(a) the entity is liable to pay levy imposed by an Imposition Act; and

(b) the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

(2) The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note: This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.