• Amended general interest charge calculation details

    This screen allows you to view the calculation details of the amended general interest charge (GIC) transactions on an account.

    Amended GIC occurs when an amount on which GIC has been calculated has either increased or decreased after the due date. This will occur when an outstanding amount changes – for example:

    • the processing of a late activity statement, or
    • the allocation of a lost payment.

    The amount can be a credit or debit.

    GIC is a common single rate of interest, for all tax types, that is imposed when a payment is not received by the due date. It is calculated on a daily compounding basis on all amounts outstanding on an account, from the due date up to the day before the debt is finalised.

    In most instances, the GIC is tax deductible in the income year it is incurred or accrued, even if it has not been paid. If the Commissioner subsequently remits or reduces the GIC claimed as a tax deduction, the amount remitted is taxable in the income year it is remitted.

    If you have any queries regarding amended GIC transactions processed before 1 July 2003, or any other account queries, contact us via ‘Messaging’ located on the left navigation bar or by phone.

    Amended GIC calculation details

    Each row reflects either a change in the amount on which GIC is calculated or a change in the interest rate over the period for which GIC has been calculated.

    Screen fields:

    Date from 

    The start date of a GIC calculation interval.

    Date to 

    The end date of a GIC calculation interval.

    Interest rate % 

    The GIC interest rate which applies to the calculation interval (GIC rates are reviewed quarterly).

    Days 

    The number of days within the calculation interval including the ‘Date from’ and ‘Date to’.

    Calculate on 

    The amount on which the calculation is based.

    Total general interest charge recalculated 

    The total amount of GIC re-calculated including the transaction that triggered the amended GIC calculation.

    Total general interest charge already posted 

    The GIC amount previously posted to the account. It may comprise more than one GIC transaction.

    Amended general interest charge posting 

    The difference between the re-calculated GIC and the total GIC previously posted to the account. This amount can be either a debit or credit.

    Payments

    Payment options and methods provides you with information about how to make a payment.

    Account queries

    If you would like more information about your account, send us a message via ‘Messaging’ located on the left navigation bar.

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