Please explain how interest charged for levies in arrears works in regards to interest rate, what calculations are based upon, etc. – Jason, NSW
Q: Interest charged for levies in arrears. Please explain how this works in regards to interest rate, calculations based upon, etc. Is it charged purely on the outstanding levy payments or can it also be charged debt recovery costs and previous interest charges? Thanks.
A: The interest charged for levies in arrears is payable at 10% per year and is based on the outstanding levy payment amount.
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