Simplified outline
36 Simplified outline
The following is a simplified outline of this Part:
• Interest is funded by crediting amounts to the Special Account.
• Interest accrues to an account on the daily balance of the account. Interest only accrues on the first $1,200 of the balance of the account.
• Interest is credited each quarter on the allocation day.
• The allocation day is published in the Gazette.
• The rate at which interest accrues is called the allocation rate.
• The allocation rate is published in the Gazette.
• Interest will not accrue to an account in the following cases:
a deposit is refunded;
a shortfall component is incorrectly credited to the account;
the $1,200 limit has been avoided by the use of multiple accounts.
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