Student Assistance Act 1973

Part 6 - Overpayments arising under this Act and certain administrative schemes

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Division 2 - Recovery of debts

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SECTION 41 INTEREST CHARGE - NO REPAYMENT ARRANGEMENT IN EFFECT

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41(1)
If:

(a) a notice is given to a person under subsection 40(1) in relation to a relevant debt; and

(b) an amount (the unpaid amount ) of the debt remains unpaid at the end of the day (the due day ) on which the debt is due to be paid; and

(c) at the end of the due day, there is no arrangement in effect under section 41F in relation to the debt;

then the person is liable to pay, by way of penalty, interest charge, worked out under subsection (3), for each day in the period described in subsection (2).

Note:

For exemptions, see sections 41D and 41E .

41(2)
The period starts at the beginning of the day after the due day and ends at the end of the earlier of the following days:

(a) the last day at the end of which any of the following remains unpaid:

(i) the unpaid amount;

(ii) interest charge on any of the unpaid amount;

(b) the day before the first day, after the due day, on which the person makes a payment under an arrangement under section 41F in relation to the debt.

41(3)
The interest charge for a day in the period described in subsection (2) is worked out by multiplying the interest charge rate for that day by the sum of so much of the following amounts as remains unpaid:

(a) the unpaid amount;

(b) the interest charge from previous days.

Note 1:

For interest charge rate see section 41C .

Note 2:

The interest charge for a day is due and payable to the Commonwealth at the end of that day: see section 41B .

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History

S 41 substituted by No 55 of 2016, s 3 and Sch 12 item 43, applicable in relation to:

(a) a relevant debt that arises on or after 1 January 2017; and

(b) a relevant debt that arose before 1 January 2017, to the extent that the debt was outstanding immediately before 1 January 2017.

S 41 formerly read:

SECTION 41 DETERMINATION THAT LATE PAYMENT INTEREST NOT TO BE PAYABLE IN RELATION TO CERTAIN PERIODS
41(1)
The Secretary may, in writing, determine that:

(a) an additional amount otherwise payable by a person under paragraph 40(2)(a); or

(b) interest otherwise payable by a person in respect of a certain period under paragraph 40(2)(b);
is not payable.

41(2)
A determination under paragraph (1)(b) may relate to a period before, or period that includes a period before, the making of the determination.

41(3)
A determination may be expressed to be subject to the person complying with specified conditions.

41(4)
The Secretary must give a copy of the determination to the person as soon as practicable after making a determination.

41(5)
Contravention of subsection (4) does not invalidate a determination.

41(6)
If:

(a) a determination is expressed to be subject to the person complying with specified conditions; and

(b) the person contravenes a condition;
the determination ceases to have effect.

S 41 amended by No 183 of 1994 and No 95 of 1991.

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