By taxconnect on
Friday, July 15, 2011
On 13 July 2011, the ATO issued Taxation Determination TD 2011/20 entitled "Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2011 for the purposes of Division 7A of Part III of ITAA 1936 and how is it used?"
For the income year that commenced on 1 July 2011, the benchmark interest rate for the purposes of ss109N and 109E of ITAA 1936 1 is 7.80 % per annum (up from 7.40% per annum for 2010-11).