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

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................................................................................................................................ 1

2......... Commencement................................................................................................................ 1

3......... Authority for this Determination...................................................................................... 1

4......... Authority for Schedule 1 to this Determination................................................................ 1

5......... Schedules......................................................................................................................... 1

6......... Annual interest rate.......................................................................................................... 1

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:

(a)section 1237AAB of the Social Security Act 1991;

(b)section 43E of the Student Assistance Act 1973; and

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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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

(a)subsection 1237AAB(6) of the Social Security Act 1991;

(b)subsection 43E(6) of the Student Assistance Act 1973;

(c)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.