Trust accounts, interest on (Act s. 68B(1))
6F Trust accounts, interest on (Act s. 68B(1))
For the purposes of section 68B(1) of the Act, interest on the balance of a trust account is to be paid —
at the rate that is 70% of the relevant bank accepted bills rate calculated on a daily basis; and
within 5 working days of the end of each month.
In subregulation (1)(a) —
relevant bank accepted bills rate means the 30 day bank accepted bills rate as published in Table F.1 of the “Reserve Bank of Australia Bulletin” for the month that is 2 months before the month in respect of which the interest is to be paid.
Note for this subregulation:
For example, the relevant bank accepted bills rate for May is the 30 day bank accepted bills rate for March.
[Regulation 6F inserted: Gazette 25 Jun 1996 p. 2919.]
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