Social Security (Present Value of Unpaid Amounts Interest Rate) Notice (No. 1) (Cth)

Commonwealth of Australia

Social Security Act 1991

Social Security (Present Value of Unpaid Amounts—

Interest Rate) Notice (No. 1)

I, PETER JEREMY BALDWIN, Minister for Social Security, make the following Notice under subsection 1237AAB (6) of the Social Security Act 1991.

Dated               21/12               1995.

PJ Baldwin

Minister for Social Security

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Citation

1.   This Notice may be cited as the Social Security (Present Value of Unpaid Amounts—Interest Rate) Determination (No. 1).

Commencement

2.   This Notice commences on 1 January 1996.

Interpretation

3.   In this Notice, unless the contrary intention appears:

“Act” means the Social Security Act 1991.

Annual rate of interest

4.   For the purposes of the definition of interest in subsection 1237AAB (6) of the Act, the annual rate of interest of 10% is specified.