26
In forceInterest rate
Part 5Interest and penalty tax
Division 1Interest
26 Interest rate
(1)
The interest rate that applies under this Division is the sum of—
(a)
the market rate; and
(b)
8 per cent per annum.
(2)
The market rate is—
(a)
unless an order is in force under paragraph (b), in relation to interest accruing at any time during a particular financial year, the average rate of the daily
90‑day Bank Accepted Bill Rate prescribed by the Reserve Bank of
Australia for the month of May preceding the financial year (rounding up 0.005 to 2 decimal places); or
(b)
the rate specified from time to time by order of the Minister published in the Gazette.
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