QLD Family Law Orders on Interest Charges and Property Settlement?

[Moving forward]

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

 

[AllForHer]

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]

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.