Document ID: chunk:federal_register_of_legislation:F2024L00195:reg:10:p2
Version: federal_register_of_legislation:F2024L00195
Segment Type: reg
Provision Reference: reg 10 (pt 2/2)
Character Range: 11023–12330

year that occurs wholly or partly during the interest period.
days interest payable means the number of days in the financial year that occur during the interest period.
interest rate has the meaning given by subsection (9).
 (8) If the amount worked out using the formula in subsection (7) is not a whole number of dollars and cents, round the amount down to the nearest whole number of dollars and cents.

Meaning of interest rate
 (9) For the purposes of subsection (7), the interest rate for a financial year is the percentage worked out using the following formula:
where:
index number for a March CPI quarter means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter.
latest March CPI quarter means the latest March CPI quarter for which the index number is published before the start of the financial year.
March CPI quarter means a period of 3 months ending on 31 March.
second latest March CPI quarter means the second latest March CPI quarter for which the index number is published before the start of the financial year.
 (10) If the interest rate is not a multiple of 0.0001%, round it up to the nearest multiple of 0.0001%.
 (11) If the interest rate is less than 0%, round it up to 0%.