Interest and penalties play an integral role in tax administration by:

  • deterring non-compliance by making it unprofitable to taxpayers;
  • promoting equity among taxpayers by ensuring that those who meet their obligations are not disadvantaged in comparison with those who do not; and
  • compensating the Government for being denied the use of funds that it is entitled to.

Territory Revenue Office’s interest and penalty policies are contained in the following Commissioner’s Guidelines.

Taxes and stamp duty
 Commissioner's Guideline CG-GEN-002 (pdf, 118kb) 
 Commissioner's Guideline CG-GEN-002 (docx, 703kb) 

Home incentive schemes (including the first home owner grant)
 Commissioner's Guideline CG-HI-002 (pdf, 96kb)
 Commissioner's Guideline CG-HI-002 (docx, 691kb) 

Interest rates for the current and previous four financial years, are detailed below:

Financial Year Premium Rate Market Rate Total
​July 2017 to June 2018 ​8% ​1.73% ​9.73%
​July 2016 to June 2017 ​8% ​2.01% ​10.01%
​​July 2015 to June 2016 ​8% ​2.15% ​10.15%
​July 2014 to June 2015 ​8% ​2.69% ​10.69%
July 2013 to June 2014​ ​8% ​2.82% ​10.82%
July 2012 to June 2013​ 8%​ 3.66%​ 11.66%​
July 2011 to June 2012 8% 5.00% 13.00%
July 2010 to June 2011 8% 4.80% 12.80%
July 2009 to June 2010 8% 3.13% 11.13%
July 2008 to June 2009 8% 7.75% 15.75%
July 2007 to June 2008 7% 6.37% 13.37%
July 2006 to June 2007 7% 5.87% 12.87%
July 2005 to June 2006 7% 5.68% 12.68%
July 2004 to June 2005 7% 5.51% 12.51%
July 2003 to June 2004 7% 4.77% 11.77%
July 2002 to June 2003 7% 4.84% 11.84%