18Interest payable on overdue payments

18 Interest payable on overdue payments

(1) This section is made for the purposes of paragraph 124ZT(3)(f) and subsection 124ZQ(1) of the Act and applies if: (a) an amount (the principal sum) is recoverable as a debt due to the Commonwealth from a person or estate under sections 124ZH or 124ZQ of the Act; and (b) the Commonwealth has served an invoice on the person or estate (as the case requires) claiming the principal sum as a debt due to the Commonwealth. Interest payable (2) Interest is payable on the amount of the principal sum that remains unpaid from time to time. (3) Interest under subsection (2) is payable from the day after the due date of the invoice. (4) Interest under subsection (2): (a) is payable at a rate of 15% per annum; and (b) is calculated on a daily basis; and (c) is not compounded; and (d) is recoverable as a debt due to the Commonwealth from the person or estate.