What is the difference between a late lodgement fee and composition fine? When is each applicable?
A late lodgement fee is simply a fee that is imposed by law on a company which is late in lodging a return or notice under the Companies Act. A composition fine is a sum of money which the Registrar asks a company or officer of a company which is reasonably suspected of having committed an offence to pay in lieu of prosecution in court. If the offender accepts the offer and pays the composition amount within the stipulated time, the Registrar will not prosecute the offender or will discontinue any existing prosecution.
