Minimum instalment

Current

For the Act, schedule 2, definition minimum instalment, the minimum amount a person who may pay an amount by instalments must pay is—

(a)

for the first instalment—$60; and

(b)

for each subsequent instalment—

(i)

$30 for each fortnight, regardless of the frequency at which instalments must be paid; or

(ii)

the amount remaining to be paid, if it is less than $30.

Example for paragraph (b)(i)—

If the instalment payment notice requires instalments to be paid every 4 weeks, the minimum instalment for each 4 weeks is $60.

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