Interest payable on deferred windfall gains tax
35 Interest payable on deferred windfall gains tax
Windfall gains tax that is deferred in whole or in part under this Part (including rolled over windfall gains tax) is subject to the payment of interest calculated on the deferred amount of the windfall gains tax on a daily basis.
The amount of interest referred to in subsection (1) is to be calculated at the 10-year bond rate applying from time to time.
For the purposes of this section, the 10-year bond rate in respect of any day is the average of the daily yields for the 10-year Treasury Corporation of Victoria bond (published from time to time by the Treasury Corporation of Victoria established under Part 2 of the Treasury Corporation of Victoria Act 1992) for the month of May in the financial year preceding the financial year in which the day occurs.
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