Victorian Numbered Acts

STATE TAXATION ACTS (GENERAL AMENDMENT) ACT 2005 (NO 36 OF 2005) - SECT 39

    (1)     In section 7(2)(a) of the Taxation (Interest on Overpayments) Act 1986 , for "Treasury Note yield rate" substitute "Bank Accepted Bills rate".

    (2)     For section 7(3) of the Taxation (Interest on Overpayments) Act 1986 substitute —

    '(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.'.

    (3)     In section 7(3A) of the Taxation (Interest on Overpayments) Act 1986 , for "Treasury Note yield rate" substitute "Bank Accepted Bills rate".

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