Commonwealth legislation

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 interest rate used to calculate the current value of unpaid amounts under family assistance laws.

When the government needs to work out the present value of a debt or unpaid entitlement—essentially what it is worth in today's dollars accounting for the time value of money—this is the rate they apply.

The specified rates are:

10% per year for calculations covering 1 April 2017 to 28 February 2018
5% per year for calculations from 1 March 2018 onwards

Why it matters: This affects how much people owe (or are owed) when family assistance payments are reconciled, recovered, or transferred. It provides a standardised way to account for the cost of delayed payment when calculating the current value of past debts.

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Current sections

Direct links to the current provisions in Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018.

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018

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Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018

I, Christian Porter, Minister for Social Services, make the following Determination.

Dated 18 December 2017

Christian Porter

Minister for Social Services

1 Name

This Determination is the Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018.

2 Commencement

This Determination commences on 1 April 2017.

3 Authority

This Determination is made under subsection 100(6) of the A New Tax System (Family Assistance) (Administration) Act 1999.

4 Definition

In this Determination:

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

5 Annual interest rate

For the definition of interest in subsection 100(6) of the Act, the following is specified as the annual rate of interest:

(a) 10% for the period 1 April 2017 to 28 February 2018; and

(b) 5% from 1 March 2018.

Source text

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

1 Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018

Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018

I, Christian Porter, Minister for Social Services, make the following Determination.

Dated 18 December 2017

Christian Porter

Minister for Social Services

1 Name

This Determination is the Family Assistance (Present Value of Unpaid Amount – Interest Rate) Determination 2018.

2 Commencement

This Determination commences on 1 April 2017.

3 Authority

This Determination is made under subsection 100(6) of the A New Tax System (Family Assistance) (Administration) Act 1999.

4 Definition

In this Determination:

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

5 Annual interest rate

For the definition of interest in subsection 100(6) of the Act, the following is specified as the annual rate of interest:

(a) 10% for the period 1 April 2017 to 28 February 2018; and

(b) 5% from 1 March 2018.