6
CurrentPrescribed rate of interest for general refunds, unpaid tax interest and overpayments—Act, ss 39, 54, 61 and 61A
6 Prescribed rate of interest for general refunds, unpaid tax interest and overpayments—Act, ss 39, 54, 61 and 61A
(1)
The prescribed rate of interest for a financial year is an annual rate equal to the sum of—
(a)
for sections 39(4)(b)(ii) and 54(2) of the Act—the 90-day bank bill yield rate for the financial year and 8%; and
(b)
for sections 61(3) and 61A(3) of the Act—the 90-day bank bill yield rate for the financial year.
(2)
The 90-day bank bill yield rate for a financial year is the monthly average yield of 90-day bank accepted bills for the month of May in the preceding financial year, rounded to the nearest second decimal point, published by the Reserve Bank of Australia on its website.
(3)
For section 54(3)(b)(i) of the Act, Sunday is prescribed.
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