A payment will be deemed early when it is paid more than 14 days before the due date. Interest will be calculated from the payment date, up to and including the due date.
For a list of the EPI rates used in the calculation, select Maintenance > Tax Rates, Early payment interest. Rates are updated as they are published and will be available in the next available release of MYOB Tax.
Payments which may attract early interest payment credits include: income tax, penalty tax, interest under section 102AAM and section 170AA of the ITAA 1936, GIC for late lodgment penalties and liabilities arising from amended assessments.
Early payment interest is not payable on any component of the payment that exceeds the amount due, amounts deducted under arrangements for collection of tax at time of payment for example, PAYG, amounts credited following assessment in payment of the tax liability, amounts paid less than 14 days before the due date.
Complete the details and the amount of interest which you may be entitled to is calculated and transferred to the main return.
One Early interest payment worksheet may be used.
|Ordinary tax||Amount of ordinary tax paid during the financial year.|
|Instalment payments||Amount of income instalments paid.|
|Date of payment|
The date recognised as being the date of payment depends on the method of payment:
|Issue date||Issue date of the notice notifying the tax payer of the amount of tax, debt, interest or instalment.|
|Tax payable date||Date that the tax was due.|
|Calculated credit||Amount of interest owing to the tax payer. A credit claimed in the current year must be declared as interest received in the following year. Amounts below 50c cannot be claimed.|