Acknowledgement of the satisfactory delivery of the goods or services
The NCE has confirmed that the goods or services have been delivered in accordance with the terms of the contract.
A day that is not a Saturday, Sunday, a public holiday or bank holiday in the place where the act is to be performed.
Correctly rendered invoice
An invoice which is:
• rendered in accordance with all of the requirements of the written contract (note that written contracts will often specify that the invoice must be a tax invoice and/or that certain information must be included in the invoice and/or the format of the invoice); and
• for amounts that are correctly calculated and due for payment and payable under the terms of the written contract.
Any amount issued by a supplier that in the NCE’s opinion, is incorrectly calculated and/or not due for payment.
A payment with a value less than $10,000 (inclusive of GST and merchant service fees) due to a supplier that is not associated with a multiple-payment contract, or standing offer arrangement. Eligible payments may include payments made as a result of purchase orders.
General Interest Charge (GIC) Rate
The interest charge determined under section 8AAD of the Taxation Administration Act 1953 on the day that payment is due. Details of the General Interest Charge rate are available from the Australian Taxation Office website.
Credit cards, debit cards, charge cards or any other type of Commonwealth issued card, including virtual cards that are authorised to pay suppliers for goods or services received at the point of sale. Examples of widely recognised payment cards include American Express, Diners Club, MasterCard and Visa.
The day that the correctly rendered invoice is accepted by the NCE following the acknowledgement by the NCE of the satisfactory delivery of goods or services.
The day that payment was made
The day that the NCE’s system generates a payment request into the banking system for payment to the business.