Section EH 40 — Income Tax Act 2007: Interest on deposits in adverse event income equalisation account

EH 40 Interest on deposits in adverse event income equalisation account Interest payable (1) Interest is payable on every deposit in an adverse event income equalisation account. Period (2) Interest is computed with daily rests from the date of acknowledgment of the receipt of the deposit until the date the deposit is refunded. Date to which interest accrues (3) Interest on a deposit accrues until the earlier of— (a) 31 March in each year; and (b) the date the deposit is refunded. Added to deposit (4) Accrued interest on a deposit is added to the deposit. Rate (5) The interest rate is the rate set in regulations made by the Governor-General from time to time. Defined in this Act: adverse event income equalisation account , deposit , interest , pay , year , Compare: 2004 No 35 s EH 41