If a person does not pay the deferred growth areas infrastructure contribution when due for payment under section 201SP or 201SPAA, the amount of the contribution deferred under section 201SM becomes immediately payable as if the election of the deferral had never been made.
Note to s. 201SPA amended by Nos 31/2011 s. 27(1), 66/2016 s. 17(2).
If the deferred growth areas infrastructure contribution, including any indexation and interest, is not paid when due under section 201SP or 201SPAA, a tax default within the meaning of the Taxation Administration Act 1997 will occur in respect of payment of the whole of the contribution that the person would have had to pay if the person had not deferred part of the contribution. Under Part 5 of that Act, the person will then be liable to pay interest and penalty tax from what would have been the last day for payment of the whole of the contribution under section 201SL or 201SMAA(6).
S. 201SQ inserted by No. 23/2010 s. 9.