Social Services Laws (Present Value of Unpaid Amount – Interest Rate) Determination 2018

I, Dan Tehan, Minister for Social Services, make the following Determination.

Dated 27 February 2018 

Dan Tehan

Minister for Social Services

Contents

1 Name

2 Commencement

3 Authority for this Determination

4 Authority for Schedule 1 to this Determination

5 Schedules

6 Annual interest rate

Schedule 1—Amendments 2

Paid Parental Leave Rules 2010 2

Schedule 2—Repeals 3

Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1) 3

Family Assistance (Present Value of Unpaid Amount—Interest Rate) Determination 2018  3

1  Name

  This instrument is the Social Services Laws (Present Value of Unpaid Amount –Interest Rate) Determination 2018.

2  Commencement

  This Determination commences on 1 March 2018.

3  Authority for this Determination

  This Determination, other than Schedule 1, is made under:

1.     section 1237AAB of the Social Security Act 1991;
2.     section 43E of the Student Assistance Act 1973; and
3.     section 100 of the A New Tax System (Family Assistance) (Administration) Act 1999.

4  Authority for Schedule 1 to this Determination

  Schedule 1 to this Determination is made under section 198 of the Paid Parental Leave Act 2010.  

5  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

6  Annual interest rate

1.   For the definition of interest in the subsections specified in subsection (2), the specified annual rate of interest is 5%.
2.   The following subsections are specified:

1.     subsection 1237AAB(6) of the Social Security Act 1991;
2.     subsection 43E(6) of the Student Assistance Act 1973;
3.     subsection 100(6) of the A New Tax System (Family Assistance) (Administration) Act 1999.

Schedule 1—Amendments

Paid Parental Leave Rules 2010

1  At the end of Division 4.3.2

Add:

Division 4.3.3 Waiver of debts – settlement of civil actions

4.22 Settlement interest

For the definition of settlement interest in subsection 198(6) of the Act, the prescribed annual rate of interest is 5%.

Schedule 2—Repeals

Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1)

1  The whole of the instrument

Repeal the instrument.

Family Assistance (Present Value of Unpaid Amount—Interest Rate) Determination 2018

2  The whole of the instrument

Repeal the instrument.