South Australian Numbered Regulations

RETURN TO WORK REGULATIONS 2015 (NO 29 OF 2015) - REG 59

59—Recovery on default (section 154 of Act)

        (1)         For the purposes of section 154(3)(b) of the Act, the rate of penalty interest on an amount in arrears is a simple interest rate equal to 5% of the amount in arrears (expressed as an annual rate and applied with respect to the relevant period) plus the TAA market rate for the financial year in which, under Part 9 of the Act, notice of an assessment is given, with the interest to be calculated at a daily rate over the relevant period.

        (2)         In this regulation—

"relevant period" means the period during which the amount in arrears is unpaid;

"TAA market rate" means the market rate as defined in section 26 of the Taxation Administration Act 1996

.