Commonwealth legislation

Seafarers Rehabilitation and Compensation (Rate of Interest Payable – s130(3)) Instrument 2019

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This instrument sets the interest rate payable under subsection 130(2) of the Seafarers Rehabilitation and Compensation Act 1992 at 5% per annum (clause 5) and repeals Item 4 of a 1993 notice (Schedule 1). It is made by the Minister under subsection 130(3) (clause 3). It affects parties who are owed or must pay interest under s130(2): the instrument fixes the cost of overdue payments and replaces the prior declaration that previously specified interest details.

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Seafarers Rehabilitation and Compensation (Rate of Interest Payable – s130(3)) Instrument 2019

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Commonwealth Coat of Arms of Australia

Seafarers Rehabilitation and Compensation (Rate of Interest Payable – s130(3)) Instrument 2019

I, KELLY O’DWYER, Minister for Jobs and Industrial Relations, make the following instrument.

Dated 7 March 2019

KELLY O’DWYER

Minister for Jobs and Industrial Relations

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

5 Rate of interest payable under subsection 130(2)

Schedule 1—Repeals

Seafarers Rehabilitation and Compensation Act 1992 - Notice of Declarations and Specifications (25/05/1993)

1 Name

This instrument is the Seafarers Rehabilitation and Compensation (Rate of Interest Payable – s130(3)) Instrument 2019.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

3 Authority

This instrument is made under subsection 130(3) of the Seafarers Rehabilitation and Compensation Act 1992.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5 Rate of interest payable under subsection 130(2)

The rate of interest payable under subsection 130(2) of the Seafarers Rehabilitation and Compensation Act 1992 is specified to be five per cent per annum.

Schedule 1—Repeals

Seafarers Rehabilitation and Compensation Act 1992 - Notice of Declarations and Specifications (25/05/1993)

1 Item 4

Repeal the item.

Source text

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

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Seafarers Rehabilitation and Compensation (Rate of Interest Payable – s130(3)) Instrument 2019

I, KELLY O’DWYER, Minister for Jobs and Industrial Relations, make the following instrument.

Dated 7 March 2019

KELLY O’DWYER

Minister for Jobs and Industrial Relations

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

5 Rate of interest payable under subsection 130(2)

Schedule 1—Repeals

Seafarers Rehabilitation and Compensation Act 1992 - Notice of Declarations and Specifications (25/05/1993)

1 Name

This instrument is the Seafarers Rehabilitation and Compensation (Rate of Interest Payable – s130(3)) Instrument 2019.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

3 Authority

This instrument is made under subsection 130(3) of the Seafarers Rehabilitation and Compensation Act 1992.

4 Schedules

5 Rate of interest payable under subsection 130(2)

The rate of interest payable under subsection 130(2) of the Seafarers Rehabilitation and Compensation Act 1992 is specified to be five per cent per annum.

Schedule 1—Repeals

Seafarers Rehabilitation and Compensation Act 1992 - Notice of Declarations and Specifications (25/05/1993)

1 Item 4

Repeal the item.

Read the source document