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Diesel and Alternative Fuels Grants Scheme Act 1999 (Repealed)

Part 3 - Payment of fuel grants

16B Interest on underpaid grants

(1)
Interest is payable by the Commissioner to a person in respect of an amount of grant that becomes payable to the person if:

(a) the amount relates to a grant for a period; and

(b) the amount is payable as a result of a decision to which this section applies (the review decision ).

(2)
The interest is to be calculated for the period (the interest period ):

(a) starting on the day on which the original assessment in relation to the grant was made; and

(b) ending on the day on which the amount is paid or applied by the Commissioner.

(3)

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The following method statement shows how to work out the interest (which is calculated on a daily basis): Calculating the interest payable

Step 1.

Work out the amount that is determined by the review decision to be the amount of the grant payable in relation to the grant period.

Step 2.

For each day in the interest period, work out the amount of the grant that had been paid or applied by the Commissioner on or before that day (reduced by any amounts repaid before that day by the person).

Step 3.

For each day in the interest period, subtract the amount worked out in step 2 from the amount worked out in step 1. If the result is negative, it is taken to be nil.

Step 4.

For each day in the interest period, multiply the amount worked out in step 3 by the base interest rate for the day (expressed as a daily rate).

Step 5.

Add all of the amounts worked out under step 4.

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