Equalisation levy penalty: failure to deduct or remit triggers levy repayment, interest and a capped daily penalty.

Imposition of penalty targets the person obliged to deduct and remit the equalisation levy. If the assessee fails to deduct any part of the levy, they must pay the levy or interest and a penalty equal to the amount not deducted. If the assessee deducts but fails to remit the levy, they must pay the levy or interest and a daily penalty during the period of failure, limited so that aggregate penalty does not exceed the amount of the levy unpaid.

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