reg 9
In forceInterest on outstanding amounts
Part 3General provisions
9 Interest on outstanding amounts
(1)
A person liable to pay an overdue fee is liable to pay interest on the outstanding amount at the rate set out in subregulation (2).
(2)
The rate is a rate 3% higher than the cash rate target, as determined and published by the Reserve Bank of Australia, in effect on the day after the day on which the payment period for the overdue fee ends.
(3)
Interest on the outstanding amount accrues on and from the day after the day on which the payment period for the overdue fee ends.
(4)
Interest does not accrue on interest that becomes payable under subregulation (1).
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