21Interest payable on overdue rates

21 Interest payable on overdue rates (1) Interest on an amount of unpaid overdue rates is worked out— (a) for each month when the amount remains unpaid; and (b) on the 1st day of that month; and (c) at the interest rate applying to that day; and (d) on the total amount of overdue rates that are unpaid on a day when the interest is worked out. Note The Minister may determine an interest rate for this section under the Taxation Administration Act, s 139. (2) For subsection (1) (a), if an amount remains unpaid for part of a month, interest is payable for the whole month. Fred’s rates are due on 15 August. He doesn’t pay it until 5 October. Fred has to pay interest worked out for the overdue period from 16 August to 5 October. Because of the operation of s (2), Fred has to pay interest for the period from 16 August to 15 October. Interest for the month from 16 August to 15 September is at the rate applying on 16 August, which is the 1st day of the 1st month that the amount remains unpaid (see s (1)). Interest for the month from 16 September to 15 October is at the rate applying on 16 September, which is the 1st day of the 2nd month that the amount remains unpaid (see s (1)).

Division 5.1 Application of Act to unit subdivisions Division 5.1 Application of Act to unit subdivisions 28 Unit subdivisions (1) For this Act, if a parcel of land is a unit subdivision, the land making up the parcel is taken to continue to be a single parcel of land. A determination of the unimproved value of a parcel of land that is a unit subdivision is a determination of the unimproved value of the parcel. (2) However, in the application of this Act to a unit subdivision— (a) a reference to a parcel of land in relation to the assessment or payment of rates is a reference to a unit; and (b) a reference to the owner is— (i) in relation to the assessment or payment of rates—a reference to the unit owner; and (ii) in relation to any other notice—a reference to the owners corporation.