sec.125Interest on overdue rates or charges

sec.125 Interest on overdue rates or charges

Interest is payable on overdue rates or charges from— the day the rates or charges become overdue; or a later day decided by the council. Interest must be calculated— on daily rests and as compound interest; or in another way the council decides, if an equal or lower amount will be payable. The rate of interest payable is— for a day before 1 July 2019—an annual rate, of not more than 11%, decided by the council; or for a day on or after 1 July 2019—an annual rate, of not more than the prescribed rate for the day, decided by the council. A decision of the council under this section must— apply equally to all ratepayers; and for a decision under subsection (3) (b) —be made by resolution at the council’s budget meeting for the financial year that includes the day to which the decision relates. In this section— bank bill yield rate , for a day, means the monthly average yield of 90-day bank accepted bills published by the Reserve Bank of Australia for the month of March in the financial year immediately before the financial year in which the day occurs. The monthly average yield of 90-day bank accepted bills can be accessed on the Reserve Bank of Australia’s website. prescribed rate , for a day, means the rate that is the sum of— the bank bill yield rate for the day, rounded to 2 decimal places; and 8%. s 125 sub 2019 SL No. 39 s 7 (sec.125-ssec.1) Interest is payable on overdue rates or charges from— the day the rates or charges become overdue; or a later day decided by the council. (sec.125-ssec.2) Interest must be calculated— on daily rests and as compound interest; or in another way the council decides, if an equal or lower amount will be payable. (sec.125-ssec.3) The rate of interest payable is— for a day before 1 July 2019—an annual rate, of not more than 11%, decided by the council; or for a day on or after 1 July 2019—an annual rate, of not more than the prescribed rate for the day, decided by the council. (sec.125-ssec.4) A decision of the council under this section must— apply equally to all ratepayers; and for a decision under subsection (3) (b) —be made by resolution at the council’s budget meeting for the financial year that includes the day to which the decision relates. (sec.125-ssec.5) In this section— bank bill yield rate , for a day, means the monthly average yield of 90-day bank accepted bills published by the Reserve Bank of Australia for the month of March in the financial year immediately before the financial year in which the day occurs. The monthly average yield of 90-day bank accepted bills can be accessed on the Reserve Bank of Australia’s website. prescribed rate , for a day, means the rate that is the sum of— the bank bill yield rate for the day, rounded to 2 decimal places; and 8%.

• (a) the day the rates or charges become overdue; or
• (b) a later day decided by the council.