{"id":"F2009B00031","name":"Social Security (Present Value of Unpaid Amounts - Interest Rate) Notice (No. 1)","slug":"social-security-present-value-of-unpaid-amounts-interest-rate-notice-no-1","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":121231,"registerId":"commonwealth-F2009B00031-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Social Security (Present Value of Unpaid Amounts - Interest Rate) Notice (No. 1)","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 20.2\ntitle: Commonwealth of Australia\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\nCommonwealth of Australia\n\n \n\nSocial Security Act 1991\n\n \n\n \n\nSocial Security (Present Value of Unpaid Amounts—\n\nInterest Rate) Notice (No. 1)\n\n \n\n \n\nI, PETER JEREMY BALDWIN, Minister for Social Security, make the following Notice under subsection 1237AAB (6) of the Social Security Act 1991.\n\n \n\nDated 21/12 1995.\n\n \n\n \n\n \n\n \n\n \n\nPJ Baldwin\n\nMinister for Social Security\n\n \n\n_________________\n\n \n\nCitation\n\n \n\n1. This Notice may be cited as the Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1).\n\n \n\nCommencement\n\n \n\n2. This Notice commences on 1 January 1996.\n\n \n\nInterpretation\n\n \n\n3. In this Notice, unless the contrary intention appears:\n\n \n\n“Act” means the Social Security Act 1991.\n\n \n\nAnnual rate of interest\n\n \n\n4. For the purposes of the definition of interest in subsection 1237AAB (6) of the Act, the annual rate of interest of 10% is specified.\n\n \n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1111},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The instrument remains strictly limited to its original purpose of prescribing the interest rate for present value calculations under subsection 1237AAB(6) of the Social Security Act 1991."},"complexity_factors":["Only 4 operative sections","Single defined term ('Act')","No conditional logic, exceptions, or triggers","Single substantive provision (section 4) containing only a numerical specification","No cross-references other than the empowering provision"],"plain_english_summary":"**What this does:** This notice sets the annual interest rate at **10%** for calculating the present value of unpaid social security debts.\n\n**Why it matters:** If Centrelink (the government) is owed money from past overpayments, this rate determines how much that debt grows each year until it's paid back. It affects the 'present value' calculation — a way of working out what an old debt is worth in today's dollars, accounting for the fact that money loses value over time (inflation/opportunity cost).\n\n**Who it affects:**\n* People with outstanding Centrelink debts (repayment amounts may be calculated using this rate)\n* The government when deciding how much to recover from historical debts\n\n**Key detail:** The rate is fixed at 10% per annum and applied to debts being assessed under section 1237AAB of the Social Security Act 1991."}},"importantCases":[],"_links":{"self":"/api/acts/social-security-present-value-of-unpaid-amounts-interest-rate-notice-no-1","history":"/api/acts/social-security-present-value-of-unpaid-amounts-interest-rate-notice-no-1/history","analysis":"/api/acts/social-security-present-value-of-unpaid-amounts-interest-rate-notice-no-1/analysis","conflicts":"/api/acts/social-security-present-value-of-unpaid-amounts-interest-rate-notice-no-1/conflicts","importantCases":"/api/acts/social-security-present-value-of-unpaid-amounts-interest-rate-notice-no-1/important-cases","documents":"/api/acts/social-security-present-value-of-unpaid-amounts-interest-rate-notice-no-1/documents"}}