A title annual fee is payable in respect of each year of the term of a title, calculated at the prescribed rate per block to which the title relates at the commencement of that year. The annual fee, incurred on the day a title comes into force and on every anniversary date of that date for the life of the title, is payable within one month; the “due date”. Late payment penalties are incurred if the fee is not discharged at or before the due date.
Therefore, if a title is in force when an anniversary date is encountered, the applicable annual fee is incurred and due within one month regardless of the remaining period of the title term. The matter of a pro-rata refund of the annual fee will be assessed when the title either ceases to be in force or a new title term commences.
Pro-rata refunds do not apply to late payment penalties.
