Legislative Assembly for the ACT: 2021 Week 05 Hansard (Thursday, 13 May 2021) . . Page.. 1543 ..
(4) What is the difference between the interest rate charged to overdue rates accounts and the market interest rate and what is the justification for this difference.
Mr Barr: The answer to the member’s question is as follows:
(1) For the period 1 January 2021 to 30 June 2021, the annual interest rate on overdue debts for rates is 8.02 per cent (compounded monthly).
Interest rates for tax debts are publicly available from the ACT Revenue Office website, see https://www.revenue.act.gov.au/rights-and-obligations/interest-and-penalty-tax.
(2), (3) & (4) –
Under the Taxation Administration (Amounts Payable—Interest Rates) Determination 2017 (No 1), the interest rate for section 21 of the Rates Act 2004 comprises the market rate component and the premium component prescribed under section 26 of the Taxation Administration Act 1999 (TAA).
The market rate component is prescribed under section 26 (2) of the TAA. It is applied for 6 months of a year based on monthly 90-day bank bill rates (for either the previous May or November, as relevant) as published by the Reserve Bank of Australia.
The premium component is prescribed under section 26 (3) of the TAA and is specified as 8 per cent.
As described in Revenue Circular GEN009.4 Interest – Taxation Administration Act 1999 (available on the ACT Revenue Office website, www.revenue.act.gov.au) interest plays an integral role in tax administration as it aims to:
• deter non-compliance by making it unprofitable for taxpayers;
• promote equity among taxpayers by ensuring that those who meet their obligations are not disadvantaged in comparison with those who do not;
• encourage the full and immediate disclosure of any tax default;
• encourage the payment of tax liabilities by the due date; and
• compensate the government for being denied the use of funds to which it is entitled.
Litter—offences(Question No 193)
Ms Lee asked the Minister for Transport and City Services, upon notice, on 23 April 2021:
(1) How many fines have been issued in the ACT for littering cigarette butts in (a) 2016-17, (b) 2017-18, (c) 2018-19, (d) 2019-20 and (e) 2020-21 to date.
(2) How many reports have been made through Access Canberra to report someone littering a cigarette butt.