sec.133Interest on overdue rates or charges

### sec.133 Interest on overdue rates or charges Interest is payable on overdue rates or charges from— the day the rates or charges become overdue; or a later day decided by the local government. Interest must be calculated— on daily rests and as compound interest; or in another way the local government decides, if an equal or lower amount will be payable. The rate of interest payable is— for a day before 1 July 2019—an annual rate, of not more than 11%, decided by the local government; or for a day on or after 1 July 2019—an annual rate, of not more than the prescribed rate for the day, decided by the local government. A decision of the local government under this section must— apply equally to all ratepayers; and for a decision under subsection (3) (b) —be made by resolution at the local government’s budget meeting for the financial year that includes the day to which the decision relates. 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 March in the financial year immediately before the financial year in which the day occurs. The monthly average yield of 90-day bank accepted bills can be accessed on the Reserve Bank of Australia’s website. prescribed rate , for a day, means the rate that is the sum of— the bank bill yield rate for the day, rounded to 2 decimal places; and 8%. s 133 sub 2019 SL No. 39 s 12 (sec.133-ssec.1) Interest is payable on overdue rates or charges from— the day the rates or charges become overdue; or a later day decided by the local government. (sec.133-ssec.2) Interest must be calculated— on daily rests and as compound interest; or in another way the local government decides, if an equal or lower amount will be payable. (sec.133-ssec.3) The rate of interest payable is— for a day before 1 July 2019—an annual rate, of not more than 11%, decided by the local government; or for a day on or after 1 July 2019—an annual rate, of not more than the prescribed rate for the day, decided by the local government. (sec.133-ssec.4) A decision of the local government under this section must— apply equally to all ratepayers; and for a decision under subsection (3) (b) —be made by resolution at the local government’s budget meeting for the financial year that includes the day to which the decision relates. (sec.133-ssec.5) 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 March in the financial year immediately before the financial year in which the day occurs. The monthly average yield of 90-day bank accepted bills can be accessed on the Reserve Bank of Australia’s website. prescribed rate , for a day, means the rate that is the sum of— the bank bill yield rate for the day, rounded to 2 decimal places; and 8%. - (a) the day the rates or charges become overdue; or - (b) a later day decided by the local government. - (a) on daily rests and as compound interest; or - (b) in another way the local government decides, if an equal or lower amount will be payable. - (a) for a day before 1 July 2019—an annual rate, of not more than 11%, decided by the local government; or - (b) for a day on or after 1 July 2019—an annual rate, of not more than the prescribed rate for the day, decided by the local government. - (a) apply equally to all ratepayers; and - (b) for a decision under subsection (3) (b) —be made by resolution at the local government’s budget meeting for the financial year that includes the day to which the decision relates. - (a) the bank bill yield rate for the day, rounded to 2 decimal places; and - (b) 8%.