Aspen Corporate Pty Ltd
Domenic Tartaglia • Oct 17, 2023

General Interest Charge to increase

From 1 October, the annual interest rate will be increasing by to 11.15% - the highest it’s been in over 10 years.

 

This means your daily GIC rate will be .03%.

 

What is General interest charge

General interest charge (GIC) is applied to unpaid tax liabilities and is worked out daily on a compounding basis.

 

When GIC applies

GIC applies to unpaid tax liabilities, such as when:

  • an amount of tax, charge, levy or penalty is paid late (or is unpaid)
  • there is an excessive shortfall in an incorrectly varied or estimated income tax instalment.
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