Territory Revenue Office
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.
You can find out more by reading the Commissioner's guidelines on interest and penalty tax and the Commissioner’s guidelines on home owner assistance schemes on the Department of Treasury and Finance website.
Interest rates for the current and previous six financial years are detailed below.
|Financial year||Premium rate||Market rate||Total|
|July 2020 to June 2021||8%||0.10%||8.10%|
|July 2019 to June 2020||8%||1.54%||9.54%|
|July 2018 to June 2019||8%||1.96%||9.96%|
|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%||2.69%||10.69%|
|July 2013 to June 2014||8%||2.82%||10.82%|
Last updated: 03 July 2020
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