User Rights Amendment Principles 2000 (No. 2)
I, BRONWYN KATHLEEN BISHOP, Minister for Aged Care, make these Principles under subsection 96-1 (1) of the Aged Care Act 1997.
Dated 27 June 2000
BRONWYN BISHOP
Minister for Aged Care
1 Name of Principles
These Principles are the User Rights Amendment Principles 2000 (No. 2).
2 Commencement
These Principles commence on gazettal.
3 Amendment of User Rights Principles 1997
Schedule 1 amends the User Rights Principles 1997.
Schedule 1 Amendments
(section 3)
[1] Section 23.3
omit
In these Principles:
insert
(1) In these Principles:
[2] Section 23.3, after definition of Fund
insert
general interest charge rate has the same meaning as in subsection 8AAD (1) of the Taxation Administration Act 1953.
[3] Section 23.3, definition of Treasury note yield rate
omit
[4] Section 23.3, before the note
insert
(2) For these Principles, the maximum permissible interest rate, for a day that is an entry day, means the annual rate worked out in accordance with the following steps:
Step 1 | Find the general interest charge rate for the entry day. |
Step 2 | Round the general interest charge rate in accordance with subsection 8AAD (3) of the Taxation Administration Act 1953. |
Step 3 | Multiply the result worked out under Step 2 by the number of days in the calendar year in which the day falls. |
Step 4 | Subtract 4 percentage points from the amount worked out under Step 3. |
The result is the maximum permissible interest rate for that day.
[5] Additional amendments
The following provisions are amended by omitting ‘Treasury Note yield rate’ and inserting ‘maximum permissible interest rate’:
- subsection 23.31 (3), definition of IR, paragraph (b)
- paragraph 23.62 (3) (a)
- subsection 23.66 (1), definition of IR, paragraph (b)
- subsection 23.66 (2), definition of IR, paragraph (b)
- subsection 23.66 (3), definition of IR, paragraph (b)
- subsection 23.69 (1).