Regulation 3

Where a person fails to comply with the time delimited by a provision in Part 8 of the IRDA for the filing or lodgment with the Official Receiver of a specified document specified in Part 1 of the Schedule, the appropriate penalty mentioned in paragraph (3) for late filing or lodgment must be paid in addition to the fee payable by the person for the filing or lodgment of the specified document with the Official Receiver under a provision in that Part of the IRDA.

Where a person fails to comply with the time delimited by a provision in Part 6 or 8 of the IRDA for the filing or lodgment of a specified document specified in Part 2 of the Schedule with the Registrar, the appropriate penalty mentioned in paragraph (3) for late filing or lodgment must be paid, whether or not any fee is payable for the filing or lodgment of the specified document with the Registrar under a provision in that Part of the IRDA.

For the purposes of paragraphs (1) and (2), the appropriate penalty for late filing or lodgment is the amount set out in the second column of the following table corresponding to the length of default (calculated in terms of months after the date on which the specified document was required to be filed or lodged) set out in the first column of the table:First columnSecond columnUp to 3 months$50Exceeding 3 months$200.