Victorian Current Acts

TAXATION ADMINISTRATION ACT 1997 - SECT 25

    (1)     The interest rate is the sum of—

        (a)     the market rate, being—

S. 25(1)(a)(i) substituted by No. 47/1999 s. 23(1), amended by No. 36/2005 s. 35(1).

              (i)     unless an order is in force under subparagraph (ii), the Bank Accepted Bills rate; or

              (ii)     the rate specified for the time being by order of the Minister published in the Government Gazette; and

        (b)     the premium rate, being 8% per annum.

S. 25(2) inserted by No. 47/1999 s. 23(2), substituted by No. 36/2005 s. 35(2).

    (2)     The Bank Accepted Bills rate in respect of any day is the average of the daily yields for 90 day Bank Accepted Bills published by the Reserve Bank of Australia for the month of May in the financial year preceding the financial year in which the day occurs.

S. 25(3) inserted by No. 47/1999 s. 23(2), amended by No. 36/2005 s. 35(3).

    (3)     The Bank Accepted Bills rate must be rounded to the second decimal place (rounding 0·005 upwards).