Document ID: chunk:federal_register_of_legislation:F2014L01783:body:0:p5
Version: federal_register_of_legislation:F2014L01783
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Charge — Late Payment Penalty) Determination 2000; and

         (b) a decision about the application was not made before the commencement day;

      then the application is to be dealt with in accordance with the Telecommunications (Annual Numbering Charge — Late Payment Penalty) Determination 2000 as if that Determination had not been revoked.

Schedule 1 Calculation of previous financial year average GIC rate
(section 4)

Previous financial year average GIC rate is the rate worked out as follows:
1.  Use the formula:

where:
Q1 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the first quarter of the financial year that ended most recently before the day for which the rate is being worked out;
Q2 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the second quarter of the financial year that ended most recently before the day for which the rate is being worked out;
Q3 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the third quarter of the financial year that ended most recently before the day for which the rate is being worked out; and
Q4 means the average of the general interest charge rates, determined under section 8AAD of the Taxation Administration Act 1953, that applied during the fourth quarter of the financial year that ended most recently before the day for which the rate is being worked out; and
2.  round the amount obtained using the formula in paragraph 1 to the second decimal place (for example 0.005 should be rounded upwards)
Note   The average of the general interest charge rates determined for each quarter is published by the Australian Taxation Office on the website www.ato.gov.au, where it is referred to as 'GIC annual rate'. That reference may be found by searching on that website for 'GIC rates'.