• How is interest calculated?

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    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Interest is generally calculated as follows:

    number of days
    365*

    X

    amount of payment

    X

    interest rate for period
    100

    *366 for a leap year

    Is interest assessable income?

    Yes, interest is assessable income. Include any interest on your tax return in the year it is paid to you or in the year it is set off or applied against another tax debt you had with us.

    Last modified: 04 Mar 2016QC 27970