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Credit for interest on early payments calculator

This calculator will help you work out your entitlement to a credit for interest on early payments of tax.

Last updated 6 December 2023

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Credit for interest on early payments calculator

Our calculator will take between 2 and 5 minutes to use.

What you can do with this calculator

The credit for interest on early payments calculator will help you calculate your entitlement to a credit for interest on early payments of tax made from 1 July 2013 to 31 March 2024.

The results of this calculator are based on the information you provide. You should use these results as an estimate and for guidance purposes only.

From March 2022, we have automated the calculation and payment of interest on early payments (IEP) entitlements for eligible early payments. This process applies to amounts you have paid us since 1 July 2021. IEP is paid directly to your nominated financial institution account, provided you do not have an existing tax debt with us.

This calculator does not determine eligibility or calculate your entitlement to a credit for interest on overpayments of tax and delayed refunds. We will automatically calculate these amounts for you.

Early payments

You may qualify for interest on early payments if you paid us for certain tax debts and the payment was made more than 14 days before the due date.

The following payments don't qualify for interest on early payments:

  • pay as you go (PAYG) withholding amounts including
    • amounts withheld from interest, dividends and royalties
    • amounts withheld by payers (including those withheld for HELP, VETSL, SFSS, TSL, SSL or ABSTUDY SSL)
     
  • PAYG instalments.

What you will need

To use this calculator you will need:

  • notification from us showing the date of the notices, the amounts owing and the due dates
  • details of your dates of payments, shown on your bank statement or receipt from the post office or us. Allow 3 extra days if you posted your payment.

Limitations

Only individuals and taxable trusts should use this calculator.

Companies, superannuation funds, corporate unit trusts and public trading trusts should not use this calculator.

QC18049