South Australian Consolidated Regulations South Australian Consolidated Regulations20—Interest payable under transitional provisions
(1) For the purposes
of clause 2(4) of Schedule 1 of the Act, the amount recoverable from the
employer will be increased by interest on the amount at the prime bank rate
for the financial year in which the employer receives notification of a
payment under that clause, compounded on a monthly basis for each complete
month that has elapsed between the date of the notification and the date of
payment.
(2) For the purposes
of clause 2(11) of Schedule 1 of the Act, if a compensating authority has
recovered an amount to which the compensating authority is not entitled, the
amount to be repaid to the Corporation will be increased by interest on the
amount at the prime bank rate for the financial year in which the amount in
respect of which interest is payable is paid to the Corporation, compounded on
a monthly basis for each complete month that has elapsed between the date of
the determination of the Corporation and the date of payment.
(3) In this
regulation—
"prime bank rate", for a particular financial year, means a rate (expressed as
an annual percentage to 2 decimal places) equal to the average of—
(a) the
12 months fixed-rate personal home loan rate fixed by the National Australia
Bank Limited ("NAB") as at the commencement of the financial year (or, if
there is more than 1 such rate, the average of all such rates); and
(b) the
fixed-rate unsecured personal loan rate fixed by NAB as at the commencement of
the financial year (or, if there is more than 1 such rate, the average of
all such rates).