• Estimated general interest charge - summary

    This screen allows you to view a summary of the transactions that would be made if the general interest charge (GIC) was updated to today’s date or a future date.

    The amounts displayed are estimates only and are based on account transactions processed up to the time of this request. The estimates may be affected by subsequent transactions being applied to the account.

     

    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.

    Estimated general interest charge summary details

    To view calculation details select the amount.

     

    A maximum of 60 rows of transaction details are returned with the summary. If you require more details or a full list of transactions ‘Contact us’.

    Screen fields:

     

    Date from 


     

    The start date of a GIC calculation interval.


     

     

     

    Date to 


     

    The end date of a GIC calculation interval.


     

     

     

    Transaction description 


     

    The description of each transaction for the corresponding calculation interval.


     

     

     

    Amount 


     

    The GIC amount calculated for the interval. It may be a debit or credit. To view how it was calculated, select the hyperlinked amount.


     

     

     

    Total estimated general interest charge 


     

    The total amount posted and will be the sum of the calculation intervals.

    Payments

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

    Account queries

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

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