Commonwealth legislation

Safety, Rehabilitation and Compensation Act 1988 - Notice under section 97P (12/07/2002)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

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Commonwealth

Collection

legislative instrument

Plain English Summary

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This notice sets the interest rate for late payments under Australia's Commonwealth workers' compensation scheme.

What it does: If an employer pays their workers' compensation premiums or regulatory contributions late, they must pay interest on the overdue amount. This notice specifies exactly how that interest rate is calculated.

The calculation: The interest rate equals the monthly average yield for 90-day Bank Accepted Bills from May of that year, plus 7% per annum.

In plain terms: It takes a standard bank bill rate from May each year and adds 7% on top as a penalty for late payment.

Who it affects: Commonwealth government agencies and licensed corporations that pay premiums or contributions under the Safety, Rehabilitation and Compensation Act 1988.

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Current sections

Direct links to the current provisions in Safety, Rehabilitation and Compensation Act 1988 - Notice under section 97P (12/07/2002).

Safety, Rehabilitation and Compensation Act 1988 - Notice under section 97P (12/07/2002)

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COMMONWEALTH OF AUSTRALIA

Safety, Rehabilitation and Compensation Act 1988

NOTICE UNDER SECTION 97P

Notice No 6 of 2002

I, ANTHONY JOHN ABBOTT, Minister for Employment and Workplace Relations, hereby specify that on and from the date of publication of this notice in the

Commonwealth of Australia Gazette:

the rate of interest payable for the purposes of section 97P of the Safety, Rehabilitation and Compensation Act 1988 is the monthly average yield for 90- day Bank Accepted Bills for the May preceding the date when the premium or regulatory contribution is payable, plus 7% per annum.

TONY ABBOTT

Minister for Employment and Workplace Relations

Dated 12/7/2002.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.