25Interest on unpaid contributions

#### 25 Interest on unpaid contributions 25 Interest on unpaid contributions (cf clause 8 of 2005 Reg) > > (1) The interest on a contribution under section 88 of the Act that is not fully paid by the due date for payment of the contribution is to be calculated daily (at the prescribed rate)— > > > > > (a) from the day immediately following the due date, and > > > > > (b) on so much of the contribution as remains outstanding. > > > > Note. > > > > Accordingly, interest ceases to accumulate when the contribution has been fully paid (whether or not interest is fully paid at that time). > > > (2) The prescribed rate at which interest is to be charged on the outstanding amount of a contribution is the sum of the following per annum— > > > > > (a) 8 per cent, > > > > > (b) the cash rate target released by the Reserve Bank of Australia that is applicable for the first business day after the due date for payment of the contribution. > > **cl 25:** Am 2018 (643), Sch 2 \[16\].