• Total general interest charge already posted for amendment period

    This screen allows you to view the details of general interest charge (GIC) transactions which have been posted to an account during an amendment period.

     

    An amendment period is the period for which GIC needs to be recalculated. It occurs as a result of a retrospective change to the account balance. The period starts at the beginning of the income year that applies to the effective date of the balance change and ends when GIC was last calculated.

    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.

    Total general interest charge already posted for amendment period

    Each row displays details about GIC transactions which have been posted to an account during an amendment period.

    Screen fields:

     

    Process date 


     

    The date the transaction was processed by the Tax Office.


     

     

     

    Effective date 


     

    The date on which the calculation comes into effect. This date is used for further calculations of GIC.


     

     

     

    Transaction description 


     

    The description of each transaction and the corresponding calculation interval.


     

     

     

    Amount 


     

    The GIC amount calculated for the interval.


     

     

     

    Total general
    interest charge
    already posted
     


     

    The total amount posted. It will be the sum of the calculation intervals and equal to the amount posted to the account.

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