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Practice notes

Practice notes

By Law Institute Journal

COVID-19 Practice & Procedure 


Law Institute of Victoria


From 6 December 2007 law practices whose matters are governed by the Legal Profession Act 2004 cannot use the penalty interest rate for their accounts. The maximum rate is the cash rate target plus 2 per cent. The cash rate target is currently 0.10 per cent (from 4 November 2020). To monitor changes between editions of the LIJ, practitioners should check


For the financial year commencing 1 July 2020, the value of a penalty unit is $165.22. The value of a fee unit is $14.81 (Government Gazette G16, 23 April 2020).


The penalty interest rate is 10 per cent per annum (from 1 February 2017). To monitor changes to this rate between editions of the LIJ, practitioners should check the Magistrates’ Court of Victoria website.

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