Skip to content
Log InRegister

INDUSTRY NEWS •  28 AUGUST 2023 • 1 MIN READ

Use of money interest rates increase

NZ money to represent use of money interest rates increasing

From the 29th of August 2023, Inland Revenue are increasing the Use of Money interest rates (UOMI).​

UOMI applies to most underpayments and overpayments to the IRD over $100 (some exclusions apply). ​

On underpayments, the IRD will charge interest at a rate of 10.91% (an increase of 0.52% from May 2023) in addition to any penalties. On overpayments, the IRD may pay you back with interest of 4.67% (an increase of 1.14% from May 2023).​

Read here for more detailed information on when use of money interest applies.​

subscribe + learn

Beany Resources delivered straight to your inbox.

Beany Resources delivered straight to your inbox.

Share:

Related resources

View all resources
a black calculator and a penRead more about What does the 2023/24 budget mean for your business?
Industry news

What does the 2023/24 budget mean for your business?

June, 2023

The recently announced 2023/24 budget has some implications for Kiwi business owners. Let’s dive into what this bud...

Read more about What does the 2023/24 budget mean for your business?
A bunch of tax invoices lying on a tableRead more about Changes in tax invoices for 2023: what you need to know
Industry news

Changes in tax invoices for 2023: what you need to know

April, 2023

Learn about the changes to tax invoices, and how they'll affect your business.

Read more about Changes in tax invoices for 2023: what you need to know
What's your accountant talking about?Read more about What's your accountant talking about?
Financial literacy

What's your accountant talking about?

August, 2023

Gain a greater understanding of terms your accountant may use with our A-Z guide of accounting terminology.

Read more about What's your accountant talking about?
View all resources