72Simplified outline of this Part

72 Simplified outline of this Part

Under the Act, the Commonwealth must waive the right to recover certain amounts owing to the Commonwealth and the Secretary may agree that a debt will be fully satisfied if the debtor pays the Commonwealth an agreed amount that is less than the amount of the debt outstanding. The Secretary may only make such an agreement if the Secretary is satisfied that the agreed amount is at least the present value of the unpaid amount.

This Part prescribes the rate of interest that forms part of the basis for calculating that present value.