Matters prescribed for section 94 of Act
14 Matters prescribed for section 94 of Act
In this regulation —
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.
Example for this definition:
The relevant bank accepted bills rate for May is the 30 day bank accepted bills rate for March.
For the purposes of section 94(2)(a) of the Act, the interest rate is 70% of the relevant bank accepted bills rate calculated on a daily basis.
For the purposes of section 94(2)(b) of the Act —
interest is to be paid within 5 working days after the end of each month; and
the day on which a security bond or part of a security bond is paid to the tenant or the lessor is prescribed as the time for payment, to the person who paid the bond, of the amount representing interest above the prescribed rate.
[Regulation 14 inserted: Gazette 3 May 2013 p. 1756.]
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