Defaulting companies and self-employed contri-butors who have failed to pay over contributions to the National Housing Trust (NHT) have a six-month window to make restitution at reduced penalty.

Payments made by August 31 will get 100 per cent waiver on penalties, but the level of debt forgiveness falls in successive months, with only 20 per cent relief available within the Decem-ber period when the amnesty window closes.

NHT charges a 40 per cent penalty per annum, for late sub-mission of NHT payments, and adds a surcharge of 10 per cent on the penalty plus arrears where contributions are outstanding for more than one year.

Contributors are required to apply for the relief on forms available from branches and online, the agency said, but to qualify the applicant must be up to date with all payments due to the Trust since April 2008.

NHT ran a similar programme in 2006/07, netting $131 million, according to its latest annual report.

"Contributors will only receive relief on the portion of payment that they actually make," said NHT.

All outstanding annual returns must also accompany payments.

"The NHT annual return is an important document, which allows NHT to record the contributions that a company submits on behalf of each employee," the agency said.