Commonwealth legislation

Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

What it does: This notice sets the annual interest rate at 2.52% for calculating "weekly interest on the lump sum" payments under the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988.

Who it affects: Veterans and defence personnel who receive lump sum compensation payments. This rate was used to work out interest owed on those lump sums for a specific 12-month period.

Why it matters: The interest rate determines how much extra money is paid on top of lump sum compensation. This particular rate only applied from 1 July 2019 to 30 June 2020 (the instrument automatically revoked itself after that date).

Key detail: The rate is specified for one year only and was made retrospectively (it was deemed to have started on 1 July 2019 even though signed in August 2019).

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Current sections

Direct links to the current provisions in Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019.

Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019

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Australian Government

Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019

Instrument 2019 No. M38

I, Darren Chester, Minister for Veterans and Defence Personnel, make the following legislative instrument under subsection 21(5) of the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988.

Dated this 6th day of August 2019.

Darren Chester

DARREN CHESTER

Minister for Veterans and Defence Personnel

1 Name

This instrument is the Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019.

2 Commencement

This instrument is taken to have commenced on 1 July 2019.

3 Revocation

This instrument is revoked on 30 June 2020.

4 Authority

This instrument is made under subsection 21(5) of the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988 (the Act).

5 Specified rate of interest

For the purposes of the definition of weekly interest on the lump sum in subsections 21(3) and 21A(3) of the Act, the rate of 2.52 per cent per annum is specified as the rate that applies for the period of 12 months that commenced on 1 July 2019.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019

Australian Government

Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019

Instrument 2019 No. M38

Dated this 6th day of August 2019.

Darren Chester

DARREN CHESTER

Minister for Veterans and Defence Personnel

1 Name

This instrument is the Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019.

2 Commencement

This instrument is taken to have commenced on 1 July 2019.

3 Revocation

This instrument is revoked on 30 June 2020.

4 Authority

This instrument is made under subsection 21(5) of the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988 (the Act).

5 Specified rate of interest