• General interest charge

    This screen allows you to view calculation details of a general interest charge (GIC) transaction.

    GIC is a common single rate of interest for all tax types where 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 GIC transactions processed before 1 July 2003, or any other account queries, Contact us.

    General interest charge 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.

    Calculated
    general interest
    charge

    The GIC amount calculated for the interval.

    Total posted
    general interest
    charge

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

    Payments

    Payment options 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’ located on the left navigation bar.

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