Interest rate on repayment of grant by instalments (section 40 of Act)
6 Interest rate on repayment of grant by instalments (section 40 of Act)
For the purposes of section 40(5) of the Act, the interest rate applicable to the repayment by instalments of an amount to which section 40 of the Act applies under an arrangement entered into by the Commissioner is the interest rate from time to time applying under subregulation (2).
The interest rate that applies under this subregulation is the sum of—
the market rate; and
8% per annum.
The market rate is—
unless an order is in force under paragraph (b), in relation to interest accruing at any time during a particular financial year, the average rate of the daily
90‑day Bank Accepted Bill Rate prescribed by the Reserve Bank of
Australia for the month of May preceding the financial year (rounding up 0.005 to 2 decimal places); or
the rate specified from time to time by order of the Minister published in the Gazette.
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