Victorian Current Acts

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Interest payable on deferred GAIC

S. 201SO(1) amended by No. 31/2011 s. 13.

    (1)     If the whole or part of a growth areas infrastructure contribution has been deferred under section 201SM and is subject to the payment of interest under section 201SMA, the amount of interest is calculated at the 10-year bond rate applying from time to time.

    (2)     The interest is calculated on a daily basis for the period that the interest is payable under section 201SMA and is calculated on the deferred amount of the growth areas infrastructure contribution.

    (3)     In 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.

S. 201SOA inserted by No. 23/2010 s. 9.

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