Interest on early payments, overpayments of tax and on delayed refunds of a running balance account surplus 2018

This fact sheet covers:

• entitlements to interest on early payments and overpayments of tax and on delayed refund of a running balance account (RBA) surplus for individuals and taxable trusts only
• how to calculate your interest on an early payment.

For other types of entities please see:

• Company instructions 2018
• Fund income tax return instructions 2018
• Self-managed superannuation fund annual return instructions 2018

Who is entitled to interest on early payments and overpayments?

Warning:

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

End of attention

The interest arrangements apply to individuals, taxable trusts, companies and superannuation funds.

Interest is only payable if it is 50 cents or more.

This fact sheet only relates to individuals and taxable trusts.

What is the interest rate?

The rate used in calculating your interest is set by law and is reviewed every quarter.

Interest rates for 2017–18 are shown in the table.

You can get details of other quarterly interest rates from us.