Budget Savings (Omnibus) Act 2016 (55 of 2016)
Schedule 12 Interest charge
Part 1 Amendments
Veterans' Entitlements Act 1986
45 Section 205AAE
Repeal the section, substitute:
205AAE Penalty interest rate
(1) The penalty interest rate is:
(a) 3% per year; or
(b) if another percentage is determined in an instrument under subsection (2) - that percentage per year.
(2) The Minister may, by legislative instrument, determine a percentage for the purposes of paragraph (1)(b).
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