I have been discussing the new interest rate supplied by OLG and it seems there are two ways of interpreting the interest charges.
Having a 0% from 1/7/20 – 31/12/2020 is the easy part and gives ratepayers 6 months to catch up but when we set up the interest rate from 1/1/21 for the 7% are we able to backdate interest on any arrears still outstanding OR do we commence the interest rate from the 1st January and not let it back date any interest.
I’m more inclined to think that the OLG mean that interest should only apply from the 1st January and not be backdated but would appreciate how other Council’s view this.
Mary
