Document ID: chunk:federal_register_of_legislation:F2025C00076:reg:8
Version: federal_register_of_legislation:F2025C00076
Segment Type: reg
Provision Reference: reg 8
Character Range: 26353–27117

8  Meaning of maximum permissible interest rate
  The maximum permissible interest rate for a day (the relevant day) is worked out as follows:

      Maximum permissible interest rate calculator
           Step 1. Work out the general interest charge rate for the relevant day under section 8AAD of the Taxation Administration Act 1953.
           Step 2.  Multiply the rate worked out at step 1 by the number of days in the calendar year in which the relevant day falls.
           Step 3. Subtract 3 percentage points from the amount worked out at step 2.
      The result is the maximum permissible interest rate for the relevant day.

Chapter 2—Residential care subsidy

Part 1—Who is eligible for residential care subsidy?

Division 1—Purpose of this Part