Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) For section 73 (How are leave payments worked out?), the amount payable to a registered worker for long service leave for service accrued as a contactor is the total of the following for the service:
(a) amounts paid by the worker to the authority under section 53 (Determination of levy—contractors);
(b) interest at the determined rate worked out from the date of receipt of each amount paid under section 53 until the designated day for the leave.
(2) The governing board must determine an interim rate of interest from time to time prior to the determination of the rate under subsection (1).
(3) The determined rate of interest must—
(a) be worked out after the end of each financial year for the previous financial year; and
(b) take into account the expenses incurred in administering the authority; and
(c) be at least 75% of the rate of interest, expressed as a percentage, earned by the authority worked out in accordance with the following formula:
(4) In this section:
"designated day"—see section 74.
FB means the amount of the total equity of the authority at the end of the financial year immediately before the financial year for which the rate is being determined.
"FE" means the amount of the total equity of the authority at the end of the financial year for which the rate is being determined.
I is the income derived from the investment of the authority's money in the financial year for which the rate is being determined.
"total equity", in relation to the authority, means the total assets less the total liabilities of the authority worked out from the audited balance sheet of the authority for the relevant financial year.