67Leave payments to a contractor for service as a registered worker

67 Leave payments to a contractor for service as a registered worker

67 Leave payments to a contractor for service as a registered worker

(1) For the purposes of section 60, the amount payable to a contractor who is a registered worker for long service leave for service accrued as a registered worker is the total of the following for the service—

(a) amounts paid by the contractor to the Corporation under section 51 (Levy payments by registered contractors),

(b) interest at the determined rate worked out from the date of receipt of each amount paid under that section until the designated day for the leave.

(2) The Corporation must determine an interim rate of interest from time to time before the determination of the rate under subsection (1) (b).

(3) The determined rate of interest must—

(a) be worked out after the end of each financial year for the previous financial year,

(b) take into account the expenses incurred in administering the Corporation,

(c) be at least 75% of the rate of interest, expressed as a percentage, earned by the Corporation and worked out in accordance with the regulations.

(4) In this section—

designated day means—

(a) if the worker is taking long service leave—the day the leave begins, and

(b) if the registered worker is being paid pro rata instead of taking long service leave—the day the Corporation approves the application for payment.