South Australian Current Regulations South Australian Current Regulations60—Penalty for late payment (section 155 of Act)
(1) For the purposes
of section 155(1)(a) of the Act, the rate of penalty interest on an
amount in arrears is a simple interest rate equal to 5% of the amount in
arrears (expressed as an annual rate and applied with respect to the
relevant period) plus the TAA market rate for the financial year in which,
under Part 9 of the Act, notice of an assessment is given, with the
interest to be calculated at a daily rate over the relevant period.
(2) In this
regulation—
"relevant period" means the period during which the amount in arrears is
unpaid;
"TAA market rate" means the market rate as defined in section 26 of the
Taxation Administration Act 1996 .