Interest accrued for late payment of rent
57 Interest accrued for late payment of rent
(1) This section applies if a lessee does not pay an amount of pastoral rent by the date specified in section 56(2).
Interest:
(a) is calculated on the amount of unpaid rent at the rate prescribed by regulation; and
accrues:
(i) the first time – on the first working day after the rent first became in arrears; and
(ii) subsequently – on the first day of each quarter of the financial year that the rent remains unpaid.
(3) For the calculation of future interest and recovery of the interest, and for section 60, the amount of interest accrued under this section is part of the unpaid rent.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
This Act’s bill:Second reading speech
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