Accrual of interest on overdue rates, charges and other amounts
184 Accrual of interest on overdue rates, charges and other amounts
Interest accrues on rates, charges and other amounts payable to an authority, the Minister or any other person under this Act.
Interest accrues on a daily basis or on such other basis as is determined by Local Land Services or the person concerned.
The rate of interest is that set by Local Land Services or the person concerned but must not exceed the rate specified for the time being by the Minister by notice published in the Gazette.
Accrued interest is, for the purpose of its recovery, taken to be a rate, charge or amount that is due and payable.
Interest continues to accrue on unpaid rates, charges or amounts even though judgment for payment of the rates, charges or amounts may have been obtained in a court. Interest is not payable on the judgment debt, despite any other Act.
This Act’s bill:Explanatory memorandumSecond reading speech
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