Document ID: chunk:federal_register_of_legislation:F2018L00211:reg:11
Version: federal_register_of_legislation:F2018L00211
Segment Type: reg
Provision Reference: reg 11
Character Range: 5159–6250

11  Damages on dishonour—rate of interest
 (1) For the purposes of subparagraphs 76(1)(a)(ii) and (b)(ii) of the Act, this section sets out how to work out the amount of interest that is payable, in relation to a dishonoured cheque, in accordance with this instrument.
 (2) Interest is payable for the period:
 (a) beginning on the day the cheque is dishonoured; and
 (b) ending on the day the sum or amount referred to in subparagraph 76(1)(a)(i) or (b)(i) of the Act is paid in full.
 (3) However, interest is not payable, in respect of a part payment of the sum or amount referred to in subparagraph 76(1)(a)(i) or (b)(i) of the Act, from the day on which that part payment is made.
 (4) The amount of interest that is payable is worked out using a rate equal to the monthly average yield of 3‑month Bank Accepted Bills and Negotiable Certificates of Deposit that was published most recently by the Reserve Bank of Australia before the day the cheque was dishonoured.

Part 3—Application and transitional provisions

Division 1—Provisions relating to the commencement of this instrument