67P Calculator2024-10-10T12:11:54+00:00

SECTION 67P INTEREST CALCULATOR

Are you a Sub-Contractor waiting on payments of invoices past their agreed credit terms?
Did you know you could be entitled to charge your debtor interest ontop of the outstanding amount they owe you?

Our 67p Calculator is a free, easy-to-use tool designed for professionals in the building and construction industry. It helps you calculate the interest owed on overdue payments, ensuring you’re fully compensated. Simply enter your debt amount and overdue period, and our calculator will work out how much additional interest is owed to you under the 67p rule

Pursuant to section 67P of the Queensland Building and Construction Commission Act 1991 (Qld) (the QBCC Act), a contractor is entitled to be paid interest on unpaid invoices at the penalty rate. Now more than ever, it’s important for contractors to be paid on time in order to maintain cashflow. We have developed a free, online tool that helps you calculate how much interest you’re entitled to charge debtors for late payment.


The penalty rate is 10% plus the rate comprising the annual rate as published from time to time by the Reserve Bank of Australia for 90-day bills.  This annual rate can fluctuate daily, so it’s important to check the rate before claiming interest at the penalty rate.

Obviously you can’t claim both lots of interest.  However, if your contract entitles you to claim default interest at a lower rate than the section 67P rate, you can choose to claim interest pursuant to section 67P.

If your contract provides for a higher default interest rate than section 67P, you may choose to recover the higher rate.

Well, firstly you should.  It is an offence under section 67G of the QBCC Act if the contract is not put in writing.

But in any event, you can still utilise section 67P to charge default interest because section 73 of the Building Industry Fairness (Security of Payment) Act 2017 provides that if the contract does not specify a date for payment, then payment is due 10 business days after the date a payment claim is made.

No.

Section 67P does not apply to domestic building contracts or a contract for construction work that is not building work.

However, the section does apply to a contract between a builder and a subcontractor in relation to the performance of domestic building work.

Calculating the interest can be time consuming and complicated as the 90-day bank bill rate fluctuates daily.  That is why Axia has developed a free and easy to use section 67P interest calculator.

Click on the link below, enter the details when prompted to receive your calculations.

That’s ok.  Click here to contact our team.

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