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A NEW TAX SYSTEM (FAMILY ASSISTANCE) (ADMINISTRATION) ACT 1999 - SECT 79
Penalty interest rate
- (1)
- The penalty interest rate is:
- (a)
- 20% per year; or
- (b)
- if a lower rate is determined under subsection (2)—that lower rate.
- (2)
- The Minister may determine, in writing, a rate of less than 20% per year
that is to be the penalty interest rate for the purposes of sections 77 and
78.
- (3)
- A determination under subsection (2) is a disallowable instrument for the
purposes of section 46A of the Acts Interpretation Act 1901 .
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