Victorian Numbered Acts Victorian Numbered Acts(1) If a premium default occurs, the employer is liable to pay a late payment penalty within the meaning of section 460 on the amount of premium unpaid.
(2) If an amount payable in accordance with a notice of penalty given under section 444, 452, 455 or 457 is not so paid in full, the employer is liable to pay a late payment penalty within the meaning of section 460 on the unpaid part of the amount payable in accordance with the notice of penalty.
(3) The Authority may remit the whole or a part of late payment penalty imposed under this section.
(4) In this section, "premium default "means a failure by an employer to which section 430(1) applies to pay the whole or a part of the amount of a premium that the employer is liable to pay.