If GIC is applied on a debt, you may ask that it be remitted in part or in full. In considering whether to remit the GIC amount, we will consider any extenuating and unforeseen circumstances and the steps you have taken to relieve the effects of those circumstances. Examples of this would include:
where circumstances that contributed to the delay in payment of the debt were not due to you (these may include natural disasters, industrial action, the unforeseen collapse of a major debtor or the sudden ill health of key personnel) and you have taken reasonable action to relieve, or relieve the effects of, those circumstances
where circumstances that contributed to the delay in payment of the debt were due to you, and you have taken reasonable action to relieve, or relieve the effects of, those circumstances, and it is fair and reasonable to remit, or
where there are special circumstances that make remission of the GIC fair and reasonable (for example, where the payment of the full amount of GIC would result in serious financial hardship for you).
A request for the remission of GIC must be made in writing and should set out the relevant circumstances. The request should outline fully the circumstances that led to the delay in payment and any steps you have taken to reduce the delay.
If your request for remission is refused in part or in full, you do not have a formal objection right. However, you may be able to seek a review of the decision in the Federal Court under the Administrative Decisions Judicial Review Act 1977.
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