Interest on early payments and overpayments of tax 2016

Interest rates for interest we pay on early payments, overpayments and delay in paying your refund for 2015-16.

Last updated 25 May 2016

This fact sheet covers:

entitlements to interest on early payments and overpayments of tax
how to calculate your interest on an early payment.

Who is entitled to interest on early payments and overpayments?

The interest arrangements apply to individuals, taxable trusts, companies and superannuation funds.

Interest is only payable if it is 50 cents or more.

This fact sheet relates only to individuals and taxable trusts. It does not cover interest entitlements for companies, superannuation funds, corporate unit trusts and public trading trusts.

When did the interest arrangements begin?

Interest arrangements as outlined in the fact sheet.

What is the interest rate?

The rate used in calculating your interest is set by law and is reviewed every quarter.

How is interest calculated?

Guide to how interest is calculated.

Is interest assessable income?

Guidance notes on interest as assessable income.

Early payment of tax

Guidance notes on the fundamentals of early payment of tax.

Overpayment of tax

Guidance notes on overpayment of tax.

Delayed refund of a Running Balance Account (RBA) surplus

Guidance notes on delayed refunds.

More information

Supporting publications and phone numbers.

QC48156