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

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) component of the payout amount cannot be automatically calculated for this account and therefore we cannot automatically calculate a payout amount.

General interest charge information

General interest charge (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

The closing balance reflects postings currently appearing on the account. ‘Contact us’, if you:

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