New South Wales Repealed Regulations

This legislation has been repealed.

PUBLIC FINANCE AND AUDIT REGULATION 2005 - REG 15

15 Payment of accounts

(1) This clause applies to a contract entered into by or on behalf of an authority for the supply of goods or services (or both) to the authority.

(2) The Head of an authority must nominate the holder of a position within the staff establishment of the authority to be the accounts complaints officer for the authority.

(3) An order form issued by an authority must include:

(a) a statement to the effect that, if a payment is not made within the time determined in accordance with subclause (4), the supplier should take the matter up with the accounts complaints officer for the authority, and

(b) the telephone number of the accounts complaints officer, and

(c) a statement that the Head of the authority may award penalty interest if the payment is not made within the time determined in accordance with subclause (4).

(4) The Head of an authority is to ensure that:

(a) if a contract to which this clause applies provides for the time of a payment and the contract is properly performed by the supplier--the payment is made by that time, or

(b) if a contract to which this clause applies does not provide for the time of a payment and the contract is properly performed by the supplier--payment is made by the end of the month following the month in which an invoice or statement from the supplier is received.

(5) If a payment is not made within the time determined in accordance with subclause (4), the Head of the authority (or a person appointed by the Head of the authority) may direct that the supplier be paid interest on the amount not paid within that time, from that time until the time of payment and at a rate of up to 20% per annum, unless a greater amount is payable under the contract in respect of the default in payment.

(6) An interest payment under this clause must be met from within the authority's approved budget.