Australian Capital Territory
Taxation Administration (Rates – Discount Rate) Determination 2016 (No 1)
Disallowable instrument DI2016—146
made under the
Taxation Administration Act 1999, s 139 Determination of amounts payable under tax laws
Explanatory Statement

This disallowable instrument commences on 1 July 2016.

Under section 139 of the Taxation Administration Act 1999 the Minister has authority to determine, in writing by disallowable instrument, amounts payable under this Act.

The discount rate applies to the property owners who pay their rates and Fire and Emergency Services Levy assessment in full by the first due date of the year. 

For the purpose of section 18 (3) of the Rates Act 2004 the discount rate is determined at 2 per cent per annum from 1 July 2016. This is a decrease from 3 per cent per annum, which was the determined rate in place since 2004.  

The decrease was announced as part of the 2016-17 Budget process and reflects the current environment of low inflation and low interest rates.  

This instrument revokes DI2004-59. However, DI2004-59 continues to apply to discounted rates transactions between 1 July 2004 and 30 June 2016, inclusive.

Authorised by the Treasurer
Andrew Barr MLA