Interest and penalties
Interest and penalties play an important role in tax administration by:
- deterring non-compliance by making it unprofitable to taxpayers
- promoting equity among taxpayers by ensuring that those who meet their obligations are not disadvantaged in comparison with those who do not
- compensating the government for being denied the use of funds that it is entitled to.
Read the Commissioner’s guideline on taxes and stamp duty .
Read the Commissioner's guideline on home incentive schemes including the first home owner grant .
Interest rates for the current and previous four financial years are detailed below.
|Financial year||Premium rate||Market rate||Total|
|July 2017 to June 2018||8%||1.73%||9.73%|
|July 2016 to June 2017||8%||2.01%||10.01%|
|July 2015 to June 2016||8%||2.15%||10.15%|
|July 2014 to June 2015||8%||2.68%||10.69%|
|July 2013 to June 2014||8%||2.82%||10.82%|
Last updated: 12 March 2018