Document ID: chunk:federal_register_of_legislation:C2013C00589:clause:1_334
Version: federal_register_of_legislation:C2013C00589
Segment Type: clause
Provision Reference: sch 1 cl 334
Character Range: 107614–108491

334  Section 36 (simplified outline)
Repeal the simplified outline, substitute:

         • Interest is funded by crediting amounts to the Special Account.
         • Interest accrues to an account on the daily balance of the account. Interest only accrues on the first $1,200 of the balance of the account.
         • Interest is credited each quarter on the allocation day.
         • The allocation day is published in the Gazette.
         • The rate at which interest accrues is called the allocation rate.
         • The allocation rate is published in the Gazette.
         • Interest will not accrue to an account in the following cases:

                     (a) a deposit is refunded;
                     (b) a shortfall component is incorrectly credited to the account;
                     (c) the $1,200 limit has been avoided by the use of multiple accounts.