(1) A person liable to
pay duty on a premium under section 213(b) (an insured person ) must lodge a
statement in the approved form on or before the 21 st day after the end of the
month, or each month, in which the person paid the premium, or an instalment
of the premium.
(2) A person that does
not lodge a statement in accordance with subsection (1) commits an offence.
Penalty: a fine of $5 000.
(3) If a document
contains all the information required in a statement referred to in subsection
(1), the document may be lodged instead of the statement and, if it is, the
person does not commit an offence under subsection (2).