Social Services Laws (Present Value of Unpaid Amount – Interest Rate) Determination 2018
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Social Services Laws (Present Value of Unpaid Amount – Interest Rate) Determination 2018
I, Dan Tehan, Minister for Social Services, make the following Determination.
Dated 27 February 2018
Dan Tehan
Minister for Social Services
Contents
1 Name
2 Commencement
3 Authority for this Determination
4 Authority for Schedule 1 to this Determination
5 Schedules
6 Annual interest rate
Schedule 1—Amendments 2
Paid Parental Leave Rules 2010 2
Schedule 2—Repeals 3
Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1) 3
Family Assistance (Present Value of Unpaid Amount—Interest Rate) Determination 2018 3
1 Name
This instrument is the Social Services Laws (Present Value of Unpaid Amount –Interest Rate) Determination 2018.
2 Commencement
This Determination commences on 1 March 2018.
3 Authority for this Determination
This Determination, other than Schedule 1, is made under:
- section 1237AAB of the Social Security Act 1991;
- section 43E of the Student Assistance Act 1973; and
- section 100 of the A New Tax System (Family Assistance) (Administration) Act 1999.
4 Authority for Schedule 1 to this Determination
Schedule 1 to this Determination is made under section 198 of the Paid Parental Leave Act 2010.
5 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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
6 Annual interest rate
-
For the definition of interest in the subsections specified in subsection (2), the specified annual rate of interest is 5%.
-
The following subsections are specified:
-
subsection 1237AAB(6) of the Social Security Act 1991;
-
subsection 43E(6) of the Student Assistance Act 1973;
-
subsection 100(6) of the A New Tax System (Family Assistance) (Administration) Act 1999.
Schedule 1—Amendments
Paid Parental Leave Rules 2010
1 At the end of Division 4.3.2
Add:
Division 4.3.3 Waiver of debts – settlement of civil actions
4.22 Settlement interest
For the definition of settlement interest in subsection 198(6) of the Act, the prescribed annual rate of interest is 5%.
Schedule 2—Repeals
Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1)
1 The whole of the instrument
Repeal the instrument.
Family Assistance (Present Value of Unpaid Amount—Interest Rate) Determination 2018
2 The whole of the instrument
Repeal the instrument.