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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Late Payment of Government Debts (Interest) (Automatic
Payment of Interest) Amendment Bill 2018
A BILL FOR
An Act to amend the
Late
Payment of Government Debts (Interest) Act 2013
.
Contents
Part 2—Amendment of Late Payment of
Government Debts (Interest) Act 2013
5Amendment of section
3—Preliminary
6Amendment of section 5—Occurrence of
default event
7Amendment of section 6—Interest payable if
default event occurs
8Amendment of section
7—Disputes
Schedule 1—Transitional
provision
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Late Payment of Government Debts (Interest)
(Automatic Payment of Interest) Amendment Act 2018.
This Act will come into operation on a day to be fixed by
proclamation.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part 2—Amendment
of Late Payment of Government Debts (Interest)
Act 2013
Long title—delete "small"
5—Amendment
of section 3—Preliminary
(1) Section 3(1), definitions of annual turnover and
business—delete the definitions
(2) Section 3(1), definition of qualifying body—delete
the definition and substitute:
qualifying body means a corporation incorporated under the
Corporations Act 2001 of the Commonwealth;
(3) Section 3(1), definition of small business—delete
the definition
(4) Section 3(2)—delete subsection (2)
6—Amendment
of section 5—Occurrence of default event
Section 5(1)—after paragraph (b) insert:
(ba) the amount specified as being payable in the invoice or claim does
not exceed $1 million (exclusive of GST); and
7—Amendment
of section 6—Interest payable if default event occurs
(1) Section 6(1)—delete all words preceding the formula and
substitute:
The supplier under the qualifying contract in relation to which a default
event occurs is (subject to this section) entitled to interest calculated in
accordance with the following formula:
(2) Section 6(1), definition of PIR—delete "designated
payment period" and substitute:
default period
(3) Section 6(4)—delete "$20" and substitute:
$10
(4) Section 6(6)—delete subsection (6) and substitute:
(6) Interest
payable under this Act must be paid by the public authority within 48 hours
of the authority making the payment for the goods or services supplied under the
qualifying contract.
(5) Section 6(9)—delete subsection (9)
8—Amendment
of section 7—Disputes
Section 7(1)—delete subsection (1) and substitute:
(1) If a dispute
arises between a public authority and a supplier about whether interest or an
amount of interest is payable under this Act on account of a prescribed matter,
the matter may be referred to the Small Business Commissioner (who is conferred
with the function of resolving the dispute).
Section 10—delete the section
Schedule 1—Transitional
provision
An amendment made to the
Late
Payment of Government Debts (Interest) Act 2013
by this Act applies only in relation to an invoice or claim rendered by a
supplier (within the meaning of that Act) after the commencement of the
amendment.