Income Tax Act 2007 section 672

Meaning of "interest payment day"

Section 672 defines the term "interest payment day" as used throughout the chapter on accrued income profits.

• An "interest payment day" is any day on which interest on securities of a particular kind is payable.
• Where interest may be paid on one of several possible days, the first available day is treated as the interest payment day.
• This definition applies consistently across all types of securities covered by the chapter.
• The rule ensures certainty by fixing a single date even when payment terms allow flexibility.