Queensland Subordinate Legislation as Made Queensland Subordinate Legislation as MadePart 9, division 5—
omit, insert—
'For section 332(2)(a) of the Act, the rate of interest is the rate prescribed for unpaid tax interest under the Taxation Administration Act 2001, section 54(2).
'(1) This section applies for working out the period for which unpaid royalty interest accrues under the Act, section 332, if—
(a) royalty is payable by a person under section 30A(1) for a quarterly return period; and
(b) the person has not paid all of the amount payable for instalment 1, instalment 2 or instalment 3 as required under section 30A.
'(2) Unpaid royalty interest accrues—
(a) if instalment 1 or instalment 2 is not paid in full by the day required under section 30A—on the amount unpaid from time to time, for the period starting on the day after the day the instalment must be paid and ending on the earlier of the following days, both days inclusive—
(i) the day the instalment is paid in full;
(ii) the lodgement day; and
(b) if the royalty payable for the quarterly return period is not paid in full on the lodgement day—on the total amount unpaid from time to time, for the period starting on the day after the lodgement day and ending when the total amount is paid in full, both days inclusive.
'(3) In this section—
lodgement day means the day a royalty return must be lodged for the quarterly return period, disregarding any later day for lodging the return approved by the Minister under section 28(3).'.