Melbourne Strategic Assessment (Environment Mitigation Levy) Act 2020

This section applies if the Secretary refunds an amount under section 82(2) because the Secretary has given effect to a decision on an objection or review in relation to an assessment or reassessment made in relation to the liable person.

The Secretary must pay interest on the refunded amount in relation to the period—

starting on the date the liable person paid the refunded amount; and

ending on the date of the refund.

The Secretary must pay interest under this section on a daily basis calculated at the Bank Accepted Bills rate.

For the purposes of subsection (3)—

the Bank Accepted Bills rate in respect of any day is the average of the daily yields for 90-day Bank Accepted Bills published by the Reserve Bank of Australia for the month of May in the financial year preceding the financial year in which the day occurs; and

the Bank Accepted Bills rate must be rounded to the second decimal place (rounding 0⋅005 upwards).