Commonwealth legislation

Social Security (Present Value of Unpaid Amounts - Interest Rate) Notice (No. 1)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

What this does: This notice sets the annual interest rate at 10% for calculating the present value of unpaid social security debts.

Why it matters: If Centrelink (the government) is owed money from past overpayments, this rate determines how much that debt grows each year until it's paid back. It affects the 'present value' calculation — a way of working out what an old debt is worth in today's dollars, accounting for the fact that money loses value over time (inflation/opportunity cost).

Who it affects:

People with outstanding Centrelink debts (repayment amounts may be calculated using this rate)
The government when deciding how much to recover from historical debts

Key detail: The rate is fixed at 10% per annum and applied to debts being assessed under section 1237AAB of the Social Security Act 1991.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Social Security (Present Value of Unpaid Amounts - Interest Rate) Notice (No. 1).

Social Security (Present Value of Unpaid Amounts - Interest Rate) Notice (No. 1)

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2 title: Commonwealth of Australia

?xml version="1.0" encoding="utf-8" standalone="no"?>

Commonwealth of Australia

Social Security Act 1991

Social Security (Present Value of Unpaid Amounts—

Interest Rate) Notice (No. 1)

I, PETER JEREMY BALDWIN, Minister for Social Security, make the following Notice under subsection 1237AAB (6) of the Social Security Act 1991.

Dated 21/12 1995.

PJ Baldwin

Minister for Social Security

Citation

1. This Notice may be cited as the Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1).

Commencement

2. This Notice commences on 1 January 1996.

Interpretation

3. In this Notice, unless the contrary intention appears:

“Act” means the Social Security Act 1991.

Annual rate of interest

4. For the purposes of the definition of interest in subsection 1237AAB (6) of the Act, the annual rate of interest of 10% is specified.

Source text

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