Social Services Laws (Present Value of Unpaid Amount – Interest Rate) Determination 2018
I, Dan Tehan, Minister for Social Services, make the following Determination.
Dated 27 February 2018
Dan Tehan
Minister for Social Services
Social Services Laws (Present Value of Unpaid Amount – Interest Rate) Determination 2018
I, Dan Tehan, Minister for Social Services, make the following Determination.
Dated 27 February 2018
Dan Tehan
Minister for Social Services
Contents
1 Name
2 Commencement
3 Authority for this Determination
4 Authority for Schedule 1 to this Determination
5 Schedules
6 Annual interest rate
Schedule 1—Amendments 2
Paid Parental Leave Rules 2010 2
Schedule 2—Repeals 3
Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1) 3
Family Assistance (Present Value of Unpaid Amount—Interest Rate) Determination 2018 3
This instrument is the Social Services Laws (Present Value of Unpaid Amount –Interest Rate) Determination 2018.
2 Commencement
This Determination commences on 1 March 2018.
3 Authority for this Determination
This Determination, other than Schedule 1, is made under:
(a) section 1237AAB of the Social Security Act 1991;
(b) section 43E of the Student Assistance Act 1973; and
(c) section 100 of the A New Tax System (Family Assistance) (Administration) Act 1999.
4 Authority for Schedule 1 to this Determination
Schedule 1 to this Determination is made under section 198 of the Paid Parental Leave Act 2010.
5 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
6 Annual interest rate
(1) For the definition of interest in the subsections specified in subsection (2), the specified annual rate of interest is 5%.
(2) The following subsections are specified:
(a) subsection 1237AAB(6) of the Social Security Act 1991;
(b) subsection 43E(6) of the Student Assistance Act 1973;
(c) subsection 100(6) of the A New Tax System (Family Assistance) (Administration) Act 1999.
Paid Parental Leave Rules 2010
1 At the end of Division 4.3.2
Add:
Division 4.3.3 Waiver of debts – settlement of civil actions
4.22 Settlement interest
For the definition of settlement interest in subsection 198(6) of the Act, the prescribed annual rate of interest is 5%.
Schedule 2—Repeals
Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1)
1 The whole of the instrument
Repeal the instrument.
Family Assistance (Present Value of Unpaid Amount—Interest Rate) Determination 2018
2 The whole of the instrument
Repeal the instrument.