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On 10 July 2013, the ATO issued Taxation Determination TD 2013/17 entitled "Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2013 for the purposes of Division 7A of Part III of the ITAA 1936 and how is it used?"

The Taxation Determination was not previously released in draft form.

The Taxation Determination states that for the income year that commenced on 1 July 2013, the benchmark interest rate for the purposes of ss 109N and 109E of ITAA 19361 is 6.20% per annum.

The benchmark interest rate is relevant to private company loans made or deemed to have been made after 3 December 1997 and before 1 July 2013; and to trustee loans made after 11 December 2002 and before 1 July 2013. It is used to:

  • determine if a loan made in the 2012-13 income year is taken to be a dividend (s 109N(1)(b) and as applicable, s 109D(1) or s 109XB); and
  • calculate the amount of the minimum yearly repayment for the 2013-14 income year on an amalgamated loan taken to have been made prior to 1 July 2013 (s 109E(5)).


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