Search for     
ato.gov.au        legal database        
Advanced search
Search tips
> Corporate > Managing your tax debt essentials > More > Debt fact sheets and frequently asked questions   
 

General interest charge - calculation example

 
Increase text size Decrease text size
 

Overview

This fact sheet explains how the general interest charge (GIC) is calculated, including the two-step imposition process.

Depending on the system used, the daily GIC calculator will use up to 15 decimal places to calculate the amount of GIC to be paid. Published rates show only eight decimal places. Generally, this difference will not materially affect the amount of GIC applied since the amount of GIC applied is truncated to two decimal points.

Daily and annual GIC rates are available in General interest charge (GIC) rates.

Last Modified: Monday, 22 February 2010
 
Table of contents
Give us your feedback
 
© Australian Taxation Office for the Commonwealth of Australia
Top of page
More information on page