all paid up to date thanks for your help guys
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Originally posted by Shalodge View PostI don't think its correct to do a daily rate when the rent is weekly. The daily rate you have calculated is incorrect .. its actually $87.8571428571 (and so on for ever).. The rounding differences will add up.
Better to use the weekly rate for the full weeks and daily rate only for the part week.
R
Rent accrues at a daily rate. REf section 31 of the RTA
It just happens to be paid and quoted on a weekly rate. I often find people who want to pay monthly get the day rate wrong.
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Originally posted by Glenn View PostSorry you are wrong there.
Rent accrues at a daily rate. REf section 31 of the RTA
It just happens to be paid and quoted on a weekly rate. I often find people who want to pay monthly get the day rate wrong.
If rent is quoted on the TA as $x per week, then the daily rate is $x/7, correct? So in terms of calculating the amount owing, surely it's more accurate to either use $x/7 as the daily rate, or $x as the weekly rate and then pro rata any partial weeks using $x/7, rather than using $x/7 rounded to a more convenient number of decimal points as the daily rate on an ongoing basis.
I just tend to agree with Shalodge that the rounding adds up over time to create an inaccuracy that $x/7 as daily rate or $x as a weekly rate does not, but if I'm wrong - well - it wouldn't be the first time and I'm sure it won't be the last
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Sharlodge is wrong with respect to this statement.I don't think its correct to do a daily rate when the rent is weekly.
You would be surprised at the number of times tenancy officials have tried to tell me that the weekly rent is 12 times the monthly rate divided by 52. In accordance with the RTA it is the monthly rate multiplied by 12 divided by 365 times seven. I have had tribunal decisions on that formula.
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Originally posted by Glenn View PostSharlodge is wrong with respect to this statement.
Rounding of the daily rate is not practiced. You are both right that the daily rate is the weekly rate (as quoted and specified in the tenancy agreement) divided by 7.
You would be surprised at the number of times tenancy officials have tried to tell me that the weekly rent is 12 times the monthly rate divided by 52. In accordance with the RTA it is the monthly rate multiplied by 12 divided by 365 times seven. I have had tribunal decisions on that formula.
Although... 12x/52 > (12x/365)x7... So we may have just uncovered ways in which the tribunal favours landlords over and above the RTA!
(In other news, did you see the headline about hell freezing over?)
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Originally posted by Petah.j View PostHow could our government get it wrong?
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