Commonwealth legislation

Safety, Rehabilitation and Compensation Act 1988 - Notice under subsection 97L(3) and subsection 97M(7) (07/07/2003)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This notice sets the interest rate that applies when the Australian Government recovers overpaid workers' compensation payments.

Under the Commonwealth's workers' compensation scheme (Comcare), if the government accidentally pays too much compensation to an injured worker, it can recover that overpayment. This notice determines how much interest is charged on the amount owed back to the government.

Key points:

What changed: This notice replaces an earlier one from July 2002 (Notice No 7 of 2002).
The interest rate: The rate is set at the Reserve Bank of Australia's published rate for 6-month overnight indexed swaps (a financial benchmark) for each day the money remains owing.
When it applies: For any overpayment recovery actions under sections 97L and 97M of the Safety, Rehabilitation and Compensation Act 1988 (which deal with recovery of overpaid compensation and amounts paid in error).

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Current sections

Direct links to the current provisions in Safety, Rehabilitation and Compensation Act 1988 - Notice under subsection 97L(3) and subsection 97M(7) (07/07/2003).

Safety, Rehabilitation and Compensation Act 1988 - Notice under subsection 97L(3) and subsection 97M(7) (07/07/2003)

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COMMONWEALTH OF AUSTRALIA

Safety, Rehabilitation and Compensation Act 1988

NOTICE UNDER SUBSECTION 97L(3) AND SUBSECTION 97M(7)

Notice No 17 of 2003

I, ANTHONY JOHN ABBOTT, Minister for Employment and Workplace Relations,

on and from the date of publication of this notice in the Commonwealth of Australia

Gazette hereby:

Revoke the notice in writing number 7 of 2002 of 31 July 2002 in the

Commonwealth of Australia Gazette No 30; and

Specify that the rate of interest payable for the purposes of subsections 97L(3) and 97M(7) of the Safety, Rehabilitation and Compensation Act 1988 for each day of the overpayment period is the rate of interest published by the Reserve

Bank of Australia for 6 month overnight indexed swaps for each of those

days.

TONY ABBOTT

Minister for Employment and Workplace Relations

Dated 7/7/2003.

Source text

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