PENALTIES
Penalties – Non-Submission
Non-submission of the requested information by 31 March 2010 will result in a contribution notice with the following components being issued:
| Item |
Amount |
Details |
| Base Premium |
$550 |
|
Non-refundable
Administration Fee |
$350 |
Non-refundable. |
| Additional Premium (for those providers who are non-responsive for the first time) |
The greater of either:
- the provider’s 2009 estimated overseas student fee income increased by a 20% uplift factor, multiplied by the applicable Additional Premium rate, or
- the provider’s 2009 estimated overseas student fee income multiplied by the applicable Additional Premium rate plus a $240 surcharge. The provider will be requested to submit a manual RFI.
|
After the provider submits the manual RFI, this amount ($240 or 20% uplift) is reversed and an adjustment between the actual and estimated overseas fee income is issued. |
| Additional Premium (for those providers who are non-responsive for 2 or more consecutive years) |
The greater of either:
- the provider’s 2009 estimated overseas student fee income increased by a 20% uplift factor, multiplied by the applicable Additional Premium rate multiplied by a factor of 10, or
- the provider’s 2009 estimated overseas student fee income multiplied by the applicable Additional Premium rate multiplied by a factor of 10 plus a $240 surcharge.
The provider will be required to submit a manual RFI
|
After the provider submits the manual RFI, this amount ($240 or 20% uplift) is reversed and an adjustment between the actual and estimated overseas fee income is issued. The increased additional premium rate will not be adjusted when the providers submit their manual RFI. |
Penalties – Late Payment
Your contribution must be paid by the due date on the contribution notice. If unpaid, a reminder notice will be issued together with any associated late payment penalty in accordance with section 75 of the ESOS Act.
The late payment penalty is calculated in accordance with section 172 of the ESOS Act:
The amount of the penalty is 20% per year on the unpaid amount calculated from the day when the original amount became due for payment.
|
