Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
You are taken to have associated earnings equal to the sum (rounded down to the nearest dollar) of the amounts worked out under the following formula for each of the days during the period:
(a) starting on the first day of the contributions year; and
(b) ending on the day the Commissioner makes the first *excess non-concessional contributions determination you receive for the contributions year.
means the amount of the excess referred to in paragraph 97-25(1)(a) .
(a) the rate worked out under subsection 8AAD(1) for the first day of that period as if the base interest rate (within the meaning of subsection 8AAD(2) ) for that day were the average of the base interest rates for each of the days of the contributions year; and
(b) a rate determined under subsection (2) for the contributions year.
Any excess non-concessional contributions determination you receive after the first one for the contributions year is an amended determination.97-30(2)
The Minister may, by legislative instrument, determine a rate for a specified *financial year.