Telecommunications (Consumer Protection and Service Standards) (Late Payment of NRS Levy) Determination 2001

Telecommunications (Consumer Protection and Service Standards) (Late Payment of NRS Levy) Determination 2001

as amended

made under subsection 101A (2) of the

Telecommunications (Consumer Protection and Service Standards) Act 1999

This compilation was prepared on 5 April 2005
taking into account amendments up to Telecommunications (Consumer Protection and Service Standards) (Late Payment of NRS Levy) Amendment Determination
2005 (No. 1)

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

Contents

 1 Name of Determination [see Note 1]

 2 Commencement [see Note 1]

 3 Definitions 

 4 Purpose of Determination 

 5 Application 

 6 Rate of late payment penalty 

Schedule 1 Calculation of previous financial year average GIC rate 

Notes  

1 Name of Determination [see Note 1]

  This Determination is the Telecommunications (Consumer Protection and Service Standards) (Late Payment of NRS Levy) Determination 2001.

2 Commencement [see Note 1]

  This Determination commences on gazettal.

3 Definitions

  In this Determination:

Act means the Telecommunications (Consumer Protection and Service Standards) Act 1999.

previous financial year average GIC rate means the rate worked out in accordance with Schedule 1.

4 Purpose of Determination

 (1) Under section 98 of the Act, NRS levy is payable for a quarter of a financial year.

 (2) Under subsection 101 (2) of the Act, a person liable to pay NRS levy for a quarter must pay it on or before the seventh day of the second month in the quarter.

 (3) Under section 101A of the Act:

 (a) if any amount of levy that is payable by a person remains unpaid after the day by which it must be paid, the person is liable to a penalty on the unpaid amount for each day until all of the levy has been paid; and

 (b) the penalty rate is 20% per year, or such lower rate as the ACA determines in writing for the purposes of subsection 101A (2).

 (4) This Determination determines a lower penalty rate.

5 Application

  This Determination applies on a day only if the previous financial year average GIC rate on that day is less than 20% per year.

6 Rate of late payment penalty

  For subsection 101A (2) of the Act, the penalty rate for a day is the previous financial year average GIC rate.

Schedule 1 Calculation of previous financial year average GIC rate

(section 3)

1.  For the definition of previous financial year average GIC rate in section 3, the rate is worked out using the formula:

where:

Q1 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the first quarter of the financial year that ended most recently before the day for which the rate is being worked out.

Q2 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the second quarter of the financial year that ended most recently before the day for which the rate is being worked out.

Q3 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the third quarter of the financial year that ended most recently before the day for which the rate is being worked out.

Q4 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the fourth quarter of the financial year that ended most recently before the day for which the rate is being worked out.

2.  The previous financial year average GIC rate must be rounded to the second decimal place (rounding 0.005 upwards).

Note   The average of the general interest charge rates determined for each quarter is published by the Australian Taxation Office on the website www.ato.gov.au, where it is referred to as ‘GIC annual rate (simple interest)’. That reference may be found by searching on that website for ‘GIC rates’.

Notes to the Telecommunications (Consumer Protection and Service Standards) (Late Payment of NRS Levy) Determination 2001

Note 1

The Telecommunications (Consumer Protection and Service Standards) (Late Payment of NRS Levy) Determination 2001 (in force under subsection 101A (2) of the Telecommunications (Consumer Protection and Service Standards) Act 1999) as shown in this compilation is amended as indicated in the Tables below.

Under the Legislative Instruments Act 2003, which came into force on 1 January 2005, it is a requirement for all non-exempt legislative instruments to be registered on the Federal Register of Legislative Instruments.

Table of Instruments

Table of Amendments