Commonwealth legislation

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

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This determination sets the annual interest rate at 10% for calculating the present value (current financial worth) of unpaid family assistance debts.

When the government is owed money for family assistance payments—such as benefit overpayments or delayed repayments—this rate is used to work out how much interest accrues on the outstanding amount, or what a future payment is worth in today's dollars. It essentially fixes the cost of borrowing for money owed to Centrelink (now Services Australia).

Who it affects:

People with outstanding family assistance debts (including family tax benefits and childcare assistance overpayments)
Government agencies calculating and recovering those debts

Why it matters: The 10% rate determines how quickly unpaid debts grow over time. Compared to lower commercial interest rates, this can significantly increase the total amount a person must repay if they delay settling their debt.

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Current sections

Direct links to the current provisions in Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000.

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000

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Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000

I, JOCELYN MARGARET NEWMAN, Minister for Family and Community Services, make this Determination under subsection 100(6) of the A New Tax System (Family Assistance) (Administration) Act 1999.

Dated 26th June 2000.

Jocelyn Newman

Minister for Family and Community Services

View image in the official source

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000

made under the

A New Tax System (Family Assistance) (Administration) Act 1999

1 Citation

This Determination may be cited as the Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000.

2 Commencement

This Determination commences on 1 July 2000, immediately after the commencement of section 100 of the Act.

3 Definition

In this Determination:

the Act means the A New Tax System (Family Assistance) (Administration) Act 1999.

4 Annual interest rate

For the purposes of the definition of interest in subsection 100(6) of the Act, the annual rate of interest of 10% is specified.

Source text

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

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2

?xml version="1.0" encoding="utf-8" standalone="no"?>

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000

I, JOCELYN MARGARET NEWMAN, Minister for Family and Community Services, make this Determination under subsection 100(6) of the A New Tax System (Family Assistance) (Administration) Act 1999.

Dated 26th June 2000.

Jocelyn Newman

Minister for Family and Community Services

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000

made under the

A New Tax System (Family Assistance) (Administration) Act 1999

1 Citation

This Determination may be cited as the Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2000.

2 Commencement

This Determination commences on 1 July 2000, immediately after the commencement of section 100 of the Act.

3 Definition

In this Determination:

the Act means the A New Tax System (Family Assistance) (Administration) Act 1999.

4 Annual interest rate

For the purposes of the definition of interest in subsection 100(6) of the Act, the annual rate of interest of 10% is specified.

Read the source document