Credit Act 1984

For the purposes of this Act, a reference to a credit charge in relation to a billing cycle of a continuing credit contract is a reference to the amount included in the statement of account for that billing cycle in accordance with this Division other than any part of that amount that is—

the cash price of goods or services supplied by the credit provider or by another supplier in respect of payment for which credit is provided under the contract;

an amount of cash supplied by the credit provider or by another supplier for the supply of which credit is provided under the contract;

an amount of enforcement expenses;

an amount of stamp duty in respect of or in relation to the contract payable by the debtor to the credit provider;

an amount payable under the contract by the debtor to the credit provider that is a prescribed charge for the purposes of this section;

the amount of any other consideration given to the debtor under the contract being consideration that is of a kind prescribed for the purposes of this section; or

the amount of a credit charge included in a statement of account for an earlier billing cycle of the contract.

A credit provider shall not include in a statement of account for a billing cycle a credit charge that exceeds the amount derived by the application of the annual percentage rate in respect of the contract to the chargeable amount for the billing cycle in the manner applicable under the contract.

In ascertaining the credit charge in relation to a continuing credit contract made between a credit provider and a debtor, regard shall not be had to any amount by which the amount payable by the credit provider to any supplier of goods or services or of cash to the debtor or to another person under the contract is less than the cash price of the goods or services or the amount of the cash.