Document ID: chunk:federal_register_of_legislation:C2022C00261:schedule:11
Version: federal_register_of_legislation:C2022C00261
Segment Type: schedule
Provision Reference: sch 11
Character Range: 189939–191387

Schedule 11—Rates of interest applicable in respect of certain unfunded amounts

(Schedules 8 and 10)

1. For the purposes of sub‑subparagraphs 3 (c) (i) and 6 (c) (i) of Schedule 8 and sub‑subparagraph 1 (b) (i) of Schedule 10:
     (a) the rate applicable in relation to:
          (i) the last complete salary fortnight in a financial year; or
          (ii) where the rate applicable in relation to that financial year is the same as the rate applicable in relation to the immediately preceding financial year—any salary fortnight in the first‑mentioned financial year;
      is the rate applicable in relation to that financial year in accordance with the table; and
     (b) the rate applicable in relation to any other salary fortnight is the rate ascertained in accordance with the following formula:

where:
"A" is the rate applicable in relation to a financial year in accordance with the table; and
"B" is the rate applicable in relation to the immediately succeeding financial year in accordance with the table; and
"C" is the number of salary fortnights which have elapsed since the last complete salary fortnight in the financial year to which A relates; and
"D" is the number of salary fortnights in the financial year to which B relates.

RATES APPLICABLE IN RELATION TO FINANCIAL YEARS

A reference in this table to a year is a reference to the financial year ending on 30 June in that year:

 Year  Rate  Year  Rate   Year  Rate