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QLD Family Law Orders on Interest Charges and Property Settlement?

Discussion in 'Family Law Forum' started by Moving forward, 7 August 2015.

  1. Moving forward

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    Hello,
    I had final property settlement orders made on the 8th of Dec 2014. The other party did not comply with numerous family law orders. I applied for an enforcement hearing. The orders are made. One of the orders I am unsure of how to calculate.

    The order states that if the other party is unable to pay me $10,000 within 30 days then interest will be applied daily and back dated to the 6/8/2015.

    I'm unsure what this means and how to calculate it.

    Your thoughts will be greatly appreciated

    Thank you
     
  2. AllForHer

    AllForHer Well-Known Member

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    Interest for the purpose of property divisions is, I believe, taken from rule 17.03 of the Family Law Rules 2004, which stipulates interest is charged at the Reserve Bank of Australia's target cash rate published after 1 January and 1 July each year, plus 6.00%.

    So, the current target cash rate is 2.00%, which means the interest charged each day from 6/8/2015 will be 8.00% (2.00% + 6.00%).

    I'm not sure if this a per annum interest rate or not, however. You should be able to contact the Family Law Registry for guidance on how the interest payment is worked out.
     
    Moving forward likes this.
  3. Moving forward

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    Thank you for your help.
    I contacted the family court, they were unable to tell me if that is daily or per annum. Advising that I seek legal advice.
     

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