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  • Worksheet

    Attention

    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

    If the early payment extends over two or more interest periods, you will need to do steps 1 to 4 for the number of days in each period.

    1. Work out the number of days your payment was early by. This is the number of days from the later of:
    • the date you paid the amount, or
    • the issue date on your notice informing you of the amount of tax, debt, interest or instalment
      up to and including the date when the payment was due (or the date when we refunded your early payment).
    1. Divide the number of days from step 1 by 365.
    2. Multiply the answer you got at step 2 by the amount of the payment.
    3. Multiply the answer from step 3 by the rate of interest for the period and divide by 100. For example, for the period 1 July 2017 to 30 September 2017, multiply by 1.73 and divide by 100.
      The interest rate that applies to each quarter of 2017–18 appears below.
    Interest rates for early payments calculation

    Period

    Interest rate (% pa)

    1 July 2017 to 30 September 2017

    1.73

    1 October 2017 to 31 December 2017

    1.70

    1 January 2018 to 31 March 2018

    1.72

    1 April 2018 to 30 June 2018

    1.77

    1. Add up the amounts you worked out for each period at step 4.
    2. If the amount from step 5 is equal to or greater than 50 cents, enter the total on your tax return. Show cents. If the amount is less than 50 cents, you cannot claim.
      Last modified: 28 Jun 2018QC 55631