Telecommunications (Annual Numbering Charge — Late Payment Penalty) Amendment Determination 2005 (No. 1)
The AUSTRALIAN COMMUNICATIONS AUTHORITY makes this Determination under subsection 468 (4) of the Telecommunications Act 1997.
Dated 16 March                           2005
 
                                                                                                                 R. HORTON
                                                                                                     Chair
 
 
 
  A. HORSLEY
                                                                                                                  Deputy Chair
 
Australian Communications Authority
 
1              Name of Determination
                This Determination is the Telecommunications (Annual Numbering Charge — Late Payment Penalty) Amendment Determination 2005 (No. 1).
2              Commencement
                This Determination commences on the day after it is registered.
3              Amendment of Telecommunications (Annual Numbering Charge — Late Payment Penalty) Determination 2000
                Schedule 1 amends the Telecommunications (Annual Numbering Charge — Late Payment Penalty) Determination 2000.
Schedule 1        Amendments
(section 3)
  
[1]           Section 4, definition of general interest charge rate
substitute
previous financial year average GIC rate means the rate worked out in accordance with Schedule 1.
[2]           Subsection 7 (2), except the note
substitute
         (2)   However, if, for any day, the previous financial year average GIC rate is less than 20% per annum, the previous financial year average GIC rate is specified as the rate for that day.
[3]           After section 14
insert
Schedule 1        Calculation of previous financial year average GIC rate
(section 4)
1.             For the definition of previous financial year average GIC rate in section 4, the rate is worked out using the formula:
where:
Q1 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the first quarter of the financial year that ended most recently before the day for which the rate is being worked out.
Q2 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the second quarter of the financial year that ended most recently before the day for which the rate is being worked out.
Q3 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the third quarter of the financial year that ended most recently before the day for which the rate is being worked out.
Q4 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the fourth quarter of the financial year that ended most recently before the day for which the rate is being worked out.
2.             The previous financial year average GIC rate must be rounded to the second decimal place (rounding 0.005 upwards).
Note   The average of the general interest charge rates determined for each quarter is published by the Australian Taxation Office on the website www.ato.gov.au, where it is referred to as ‘GIC annual rate (simple interest)’. That reference may be found by searching on that website for ‘GIC rates’.