Interest on early payments and overpayments of tax 2023
-
This document incorporates revisions made since original publication. View its history and amending notices, if applicable.
Interest rates for interest we pay on early payments, overpayments and delay in paying your refund for 2022–23.
When we pay interest on early payments and overpayments
We pay interest on certain early payments, overpayments of tax and where there is a delay in refunding amounts from a running balance account.
The interest rate arrangements apply to individuals, taxable trusts, companies and superannuation funds.
Interest is only payable if it is 50c or more.
We pay interest where:
- •
- you make an early payment
- •
- you overpay tax
- •
- there is a delay in paying your refund.
Interest rates for 2022–23
The rate we use in calculating your interest is set by law and is reviewed every quarter.
For information on current quarterly interest rates, see Credit interest rates and calculation.
| Period | Interest rate
(% pa) |
|---|---|
| 1 July 2022 – 30 September 2022 | 1.00 |
| 1 October 2022 – 31 December 2022 | 2.31 |
| 1 January 2023 – 31 March 2023 | 3.06 |
| 1 April 2023 – 30 June 2023 | 3.46 |
Our commitment to you
We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.
If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.
Some of the information on this website applies to a specific financial year. This is clearly marked. Make sure you have the information for the right year before making decisions based on that information.
If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
References
ATO references:
NO QC105037
| Date: | Version: | |
| 1 July 2013 | Original document | |
| 1 July 2014 | Updated document | |
| 1 July 2015 | Updated document | |
| 1 July 2016 | Updated document | |
| 1 July 2017 | Updated document | |
| 1 July 2018 | Updated document | |
| 1 July 2019 | Updated document | |
| 1 July 2020 | Updated document | |
| 1 July 2021 | Updated document | |
| You are here → | 1 July 2022 | Current document |