Late Payment of Government Debts (Interest) (Review) Amendment Bill 2024 (SA)

South Australia Late Payment of Government Debts (Interest) (Review) Amendment Bill 2024 A Bill For An Act to amend the Late Payment of Government Debts (Interest) Act 2013.

Contents Part 1—Preliminary 1 Short title 2 Commencement Part 2—Amendment of Late Payment of Government Debts (Interest) Act 2013 3 Amendment of section 3—Preliminary 4 Amendment of section 5—Occurrence of default event 5 Amendment of section 6—Interest payable if default occurs Schedule 1—Transitional provision 1 Transitional provision

The Parliament of South Australia enacts as follows: Part 1—Preliminary 1—Short title This Act may be cited as the Late Payment of Government Debts (Interest) (Review) Amendment Act 2024. 2—Commencement This Act comes into operation on a day to be fixed by proclamation.

Part 2—Amendment of Late Payment of Government Debts (Interest) Act 2013 3—Amendment of section 3—Preliminary (1) Section 3(1), definition of designated contract, (a)(i)—delete "30" and substitute: the prescribed number of (2) Section 3(1), definition of designated payment period—delete "30" (3) Section 3(1)—after the definition of GST law insert: not-for-profit entity means— (a) an entity that is registered, or entitled to be registered, under the Australian Charities and Not-for-profits Commission Act 2012 of the Commonwealth; or (b) any other entity (other than a government entity) that is not carried on for the purposes of profit or gain or for the benefit of particular people, (4) Section 3(1), definition of prescribed interest rate—delete the definition (5) Section 3(1), definition of qualifying body—delete the definition and substitute: qualifying body means— (a) a corporation incorporated under the Corporations Act 2001 of the Commonwealth; or (b) a not-for-profit entity; 4—Amendment of section 5—Occurrence of default event Section 5(1)(e)—delete "30" and substitute: the prescribed number of 5—Amendment of section 6—Interest payable if default occurs (1) Section 6(1) to (4)—delete subsections (1) to (4) (inclusive) and substitute: (1) The supplier under the qualifying contract in relation to which a default event occurs is (subject to this section) entitled to a minimum amount of interest calculated in accordance with the regulations. (2) Regulations made for the purposes of subsection (1) must provide for a minimum amount of interest that is not less than the amount that would have applied under subsection (1) as in force immediately before the commencement of section 5 of the Late Payment of Government Debts (Interest) (Review) Amendment Act 2024. (3) A supplier is not entitled to interest if the minimum amount of interest calculated under this section is less than— (a) $10; or (b) if another amount is prescribed by the regulations for the purposes of this subsection—that amount. (2) Section 6(6)—delete "48 hours" and substitute: 2 business days