​​​​​​​Interest is imposed to encourage taxpayers to pay their liability by the due date. Interest is split into two components:

• The market rate - to compensate the State Government for not having the use of the funds as at the due date for payment of the tax.
• The premium rate - to deter taxpayers from using the SRO as a financier for unpaid tax liabilities and to promote equity by ensuring that taxpayers who meet their obligations are not disadvantaged compared to those who do not.

The market rate of interest is based on the 90-day Bank Accepted Bill Rate published by the Reserve Bank of Australia for the month of May preceding the start of each new financial year (Section 35(1)(a) of the Taxation Administration Act 1997).

The premium rate of interest remains at 4.00 per cent (Section 35(1)(b) of the Taxation Administration Act 1997).

The interest rates applicable for 1 July 2022 to 30 June 2023 are 1.00 per cent (market rate) and 4.00 per cent (premium rate).

Refer to the​ Interest and​​ Penalty Tax ruling for information about the circumstances when inte​rest may be imposed or remitted. ​

The current and previous rates of interest are:

For previous years, please contact the State Revenue Office. ​​​