Australia PGPA Finance Minister Delegations to Accountable Authorities and the Finance Secretary
Debt directions: waivers, postponement, instalments and deferral (section 63 of the Act) – Australia PGPA Finance Minister Delegations to Accountable Authorities and the Finance Secretary

Australia PGPA Finance Minister Delegations to Accountable Authorities and the Finance Secretary NCE-S1-P9-terms: Instalment and deferral terms: set conditions for prompt recovery, charge interest ordinarily at, and never above, the 90-day bank-accepted bill rate and record reasons for any lower rate, notify the debtor in writing, obtain written acceptance, and include the four standard acceptance conditions

What does NCE-S1-P9-terms require?

Instalment conditions must aim to recover the money as quickly as reasonably practicable given the debtor's capacity to pay. Interest is normally charged at the Reserve Bank's 90-day bank-accepted bill rate, never at more, and a decision to charge less or nothing (for example because interest would cause undue hardship) must be recorded with reasons; court judgment debts follow the interest rules of the relevant State or Territory. The debtor must be told in writing the amount, the due date or dates, the interest rate, any other relevant matter and the acceptance conditions, and must accept them in writing, failing which the debt is payable in full when due. The conditions are that the arrangement may be reviewed and revised at any time, an outstanding balance owed by an official is set off against final payments when their engagement ends, any default may lead to legal recovery action, and the Commonwealth may seek its costs.

Maintained by Gerard Blokdyk

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