Interest Calculator

This calculator estimates the amount of interest payable by a non-corporate Commonwealth entity to businesses for procurement contracts covered by RMG-417 Supplier pay on-time or pay interest policy.

* All form fields are required to be filled out.

Calculator Form

Enter correctly rendered invoice amount (enter numbers only i.e. no spaces, commas or dollar signs) correctly rendered invoice means an invoice which is: a. rendered in accordance with all of the requirements of the written contract (note that written contracts will often specify that the invoice must be a tax invoice and/or that certain information must be included in the invoice and/or the format of the invoice); and b. for amounts that are correctly calculated and due for payment and payable under the terms of the written contract (note that many written contracts will specify that payment is not required until the agency is satisfied with the goods or services). hide message
Enter the date the invoice was received by the agency receipt by the agency means the day that the correctly rendered invoice is received by the agency. hide message	(dd/mm/yyyy)
Enter the date that payment was made by the agency the day that payment was made is the day that the agency's system generates a payment request into the banking system for payment to the business. hide message	(dd/mm/yyyy)
Enter maximum payment terms Agencies are to agree to payment terms that provide payment no later than 20 days after the date of receipt by the agency of a correctly rendered invoice. The agency may agree to make payments within a shorter period than 20 days. This will be outlined in the contract with the business. hide message	days
Enter the daily general interest charge rate on the day that payment was due (enter numbers only i.e. no spaces, commas or dollar signs) The general interest charge rate is determined under section 8AAD of the Taxation Administration Act 1953 on the day that payment is due. Details of the General Interest Charge rate are available from the Australian Taxation Office website . hide message	%

Disclaimer:

_{This calculator is only for use in relation to procurement contracts covered by Resource Management Guide No. 417 – Supplier Pay On-Time or Pay Interest Policy.}
_{Businesses should note that the estimated amount of interest payable will be based on the information you have provided. The exact amount of interest payable is subject to confirmation with the relevant agency.}
_{In determining the amount of interest payable, factors such as relevant contract terms and public holidays should be considered.}

Interest Calculator

Results