INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX

Division 1 - General

SECTION 214A INTEREST RATES

214A(1) [``base interest rate'']

In this section:

base interest rate
for a day has the same meaning as in section 8AAD of the Taxation Administration Act 1953 .

View history note

214A(2) [Rate for a month]

The annual rate at which interest is calculated or computed under:

(a) section 102AAB , 102AAM , 555 or 592 of this Act; or

(b) (Repealed by No 11 of 1999)

(c) (Repealed by No 11 of 1999)

(d) section 75 of the Training Guarantee (Administration) Act 1990 ; or

(e) section 8C , 8I , 8T , 8X , 8ZB , 10 , 12AE or 12C of the Taxation (Interest on Overpayments and Early Payments) Act 1983 ; or

(f)-(g) (Repealed by No 178 of 1999)

for any day is the base interest rate for that day.

View history note

History

S 214A(2) amended by No 41 of 2005, s 3 and Sch 10 item 31, by substituting ``, 12AE or 12C'' for ``or 12C'', effective 1 April 2005.

S 214A(2) amended by No 146 of 2001, s 3 and Sch 4 item 66, by omitting ``8P,'' after ``8I,'' in para (e), applicable to acts and omissions that take place after 15 December 2001. If an act or omission is alleged to have taken place between 2 dates, one before and one on or after 15 December 2001, the act or omission is alleged to have taken place before 15 December 2001.

S 214A(2) amended by No 73 of 2001, s 3 and Sch 4 item 6, by substituting ``base interest rate'' for ``Treasury Note yield rate'', applicable to each day of each quarter mentioned in s 8AAD(2) of the Taxation Administration Act 1953 where the quarter begins on or after 30 June 2001.

S 214A(2) amended by No 178 of 1999, s 3 and Sch 2 items 44 and 45, by inserting ``8P, 8T, 8X, 8ZB,'' after ``section 8C, 8I,'' in para (e) and omitting paras (f), (fa) and (g), effective 22 December 1999. Note: this amendment is also effected by No 11 of 1999, s 3 and Sch 1 items 84 and 85 as amended by No 101 of 2003, s 3 and Sch 6 items 36 and 37, effective 1 July 1999). Paras (f), (fa) and (g) formerly read:

(f) section 21 or 22 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; or

(fa) section 18 of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ; or

(g) section 13 of the Termination Payments Tax (Assessment and Collection) Act 1997 ;

S 214A(2) amended by No 11 of 1999, s 3 and Sch 1 items 82 to 86 (items 84 and 85 as amended by No 101 of 2003, s 3 and Sch 6 items 36 and 37, effective 1 July 1999 - but see history note for No 178 of 1999), by omitting ``170AA, 207A,'' after ``102AAM,'', substituting ``day is the Treasury Note yield rate for that day.'' for ``period of, or within, a month is the rate of interest for that month.'' and omitting paras (b) and (c), applicable in relation to calculating interest for 1 July 1999 or a later day. Paras (b) and (c) formerly read:

(b) section 93 of the Fringe Benefits Tax Assessment Act 1986 ; or

(c) section 65 of the Petroleum Resource Rent Tax Assessment Act 1987 ; or

S 214A(2) amended by No 191 and No 71 of 1997, and substituted by No 181 of 1994.

214A(3) - 214A(8)

(Repealed by No 11 of 1999)

View history note

[ CCH Note: The rates of interest are as follows:

View history note

History

Months	Rate	Gazette
January 1999 to June 1999	8.8%	No GN 50, 16 December 1998
July 1998 to December 1998	8.8%	No GN 22, 3 June 1998
January 1998 to June 1998	8.8%	No GN 48, 3 December 1997
July 1997 to December 1997	9.8%	No GN 23, 11 June 1997
January 1997 to June 1997	10.5%	No GN 48, 4 December 1996
July 1996 to December 1996	11.5%	No GN 24, 19 June 1996
January 1996 to June 1996	11.5%	No GN 46, 22 November 1995
July 1995 to December 1995	12.0%	No GN 20, 24 May 1995
January 1995 to June 1995	10.8%	No GN 48, 7 December 1994
July 1994 to December 1994	8.7%	No GN 22, 8 June 1994
January 1994 to June 1994	8.7%	No GN 49, 15 December 1993
July 1993 to December 1993	9.0%	No GN 24, 23 June 1993
January 1993 to June 1993	9.6%	No GN 51, 23 December 1992
July 1992 to December 1992	10.6%	No S 177, 30 June 1992 ]

S 214A inserted by No 101 of 1992.

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