sec.71Unpaid fee interest

sec.71 Unpaid fee interest

A scheme participant must pay interest ( unpaid fee interest ) on any fee payable under this division and not paid from time to time (an unpaid fee amount ). Unpaid fee interest accrues daily at the rate provided for under subsection (3) on an unpaid fee amount for the period starting on the day immediately after the day the unpaid fee amount became payable and ending on the day the unpaid fee amount is paid in full, both days inclusive. For subsection (2) , the rate for each of the days is the rate that is the sum of the following— 5%; the bank bill yield rate for the day, rounded to the nearest second decimal point. 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 May in the financial year immediately preceding the financial year that includes the day. The monthly average yield for 90-day bank accepted bills is published in the Reserve Bank of Australia Bulletin and could, at the commencement of this section, be accessed on the internet at www.rba.gov.au. s 71 amd 2010 No. 53 s 3 sch 1 (sec.71-ssec.1) A scheme participant must pay interest ( unpaid fee interest ) on any fee payable under this division and not paid from time to time (an unpaid fee amount ). (sec.71-ssec.2) Unpaid fee interest accrues daily at the rate provided for under subsection (3) on an unpaid fee amount for the period starting on the day immediately after the day the unpaid fee amount became payable and ending on the day the unpaid fee amount is paid in full, both days inclusive. (sec.71-ssec.3) For subsection (2) , the rate for each of the days is the rate that is the sum of the following— 5%; the bank bill yield rate for the day, rounded to the nearest second decimal point. (sec.71-ssec.4) 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 May in the financial year immediately preceding the financial year that includes the day. The monthly average yield for 90-day bank accepted bills is published in the Reserve Bank of Australia Bulletin and could, at the commencement of this section, be accessed on the internet at www.rba.gov.au.

• (a) 5%;
• (b) the bank bill yield rate for the day, rounded to the nearest second decimal point.