• Payout amount including general interest charge (superannuation)

    Payout amount

    A payout amount is the total of:

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

    The estimated general interest charge (GIC) cannot be automatically calculated and, therefore, a payout amount for this account also cannot be automatically calculated.

     I you want an accurate payout amount for the account (including an estimate of GIC) or a special calculation, contact superannuation.

    General interest charge information

    General interest charge (GIC) is an additional charge imposed, where applicable, when a payment is not received by the due date. It continues to accrue daily on a compounding basis from the due date until the date the outstanding amount has been paid in full.

    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.

    Where applicable, GIC calculations for superannuation accounts are made immediately prior to the account statement issue.

    Closing balance

    The closing balance displayed reflects postings currently appearing on the account.

    Conditions exist which prevent the automated calculation of GIC being made.

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