Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
EK 5: Details to be provided with payment to environmental restoration account
or “Information you must provide when paying into an environmental restoration account”
You could also call this:

“Interest earned on money in environmental restoration accounts”

You can earn interest on money you put into an environmental restoration account. The Commissioner will pay you interest on payments you make to the account, as well as on amounts that are treated as payments to the account under certain sections of the law.

The interest is calculated daily from the day after you make the payment until the day before the money is refunded or transferred out of the account. This means you earn interest for each day your money stays in the account.

You’ll get the interest payment on either March 31st each year or on the day when the money is refunded or transferred out of the account, whichever comes first. The person who owns the environmental restoration account at that time will receive the interest payment.

The interest rate for these payments is set at 3% per year. This is a fixed rate that applies to all environmental restoration account payments.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: EK 7: Deduction for payment

or “How to calculate your deduction for payments to an environmental restoration account”
Next

Part E Timing and quantifying rules
Environmental restoration accounts

EK 6Interest on payments to environmental restoration account

  1. Interest is payable by the Commissioner on—

  2. a payment under section EK 2 to an environmental restoration account:
    1. an amount that is treated under section EK 15, EK 16, or EK 19 as being a payment to an environmental restoration account.

      1. Interest is computed with daily rests from the day after the date of the payment until the day before the date on which the payment is included in a refund under section EK 12 or in a transfer under section EK 15, EK 16, or EK 19.

      2. Interest that has accrued on a payment is payable to the person who has the environmental restoration account on the earlier of—

      3. 31 March in each year:
        1. the day on which the payment is included in a refund under section EK 12 or in a transfer under section EK 15, EK 16, or EK 19.

          1. The interest rate is 3% per year.

          Compare