S 79 repealed by No 55 of 2016, s 3 and Sch 12 item 3, effective 1 January 2017. S 79 formerly read:
SECTION 79 Penalty interest rate
79(1)
The penalty interest rate is:
(a)
20% per year; or
(b)
if a lower rate is determined under subsection (2)
-
that lower rate.
79(2)
The Minister may, by legislative instrument, determine a rate of less than 20% per year that is to be the penalty interest rate.
History
S 79(2) amended by No 108 of 2006, s 3 and Sch 8 item 44, by substituting
"
, by legislative instrument, determine
"
for
"
determine, in writing,
"
, effective 27 September 2006.
S 79(2) amended by No 47 of 2001, s 3 and Sch 3 item 4, by omitting
"
for the purposes of sections 77 and 78
"
after
"
interest rate
"
, effective 1 July 2001.
79(3)
(Repealed by No 108 of 2006)
History
S 79(3) repealed by No 108 of 2006, s 3 and Sch 8 item 45, effective 27 September 2006. S 79(3) formerly read:
79(3)
A determination under subsection (2) is a disallowable instrument for the purposes of section 46A of the
Acts Interpretation Act 1901
.
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