On 8th May 2015, changes to use-of-money interest rates on underpayments and overpayments of tax came into effect:

  • New underpayment rate is 9.21% up from 8.40%; and
  • New overpayment rate is 2.63%, up from 1.75%.

For more information go to http://www.ird.govt.nz/how-to/debt/penalties/interest/interest-overview/.