• Payout amount including general interest charge (super)

    Payout amount

    We are unable to automatically calculate a payout amount for this account. A payout amount is the total of the following:

    • the closing balance
    • any estimated general interest charge (GIC) - if applicable.

    For this account, the estimated 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
    • issues relating to amounts appearing on the account require resolution.

    GIC information

    GIC is a common single rate of interest for all tax types where a payment is not received by the due date. 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, GIC is tax deductible in the income year it is incurred or accrued, even if it has not been paid. If we subsequently remit or reduce the GIC claimed as a tax deduction, the amount remitted is taxable in that income year.


    For more information about GIC, refer to General interest charge.

    Closing balance

    Contact us if you:

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