• Payout amount including general interest charge (integrated client account)

    Payout amount

    The Tax Office has been unable to automatically calculate a payout amount for this account. A payout amount is the total of:

    • the closing balance, and
    • any estimated general interest charge (if applicable).

    For this account, the estimated general interest charge (GIC) cannot be automatically calculated.

    Conditions exist on this account that prevents an automated calculation of GIC being made. This may be because:

    • the account balance includes amounts on which GIC is not payable
    • circumstances exist to prevent the GIC being payable for the entire period, or
    • issues relating to amounts appearing on the account require resolution.

    General interest charge information

    GIC is a common single rate of interest for all tax types where a payment is not received by the due date. The GIC is calculated on a daily compounding basis on all amounts outstanding on an account from the due date, up to the date prior to the debt being finalised.

    In most instances, the GIC is tax deductible in the income year it is incurred or accrued, even if the GIC 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.

     

    Closing balance

    Contact us’, if you:

    • require an accurate payout amount for this account, including an estimate of any general interest charge payable
    • want to make an arrangement to pay the account balance, or
    • believe the closing balance is incorrect.
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