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Payments to ATO
If you don't pay your tax on time, general interest charge (GIC) will be automatically added to what you owe.
The charge is calculated on a daily compounding basis on the amount outstanding and added to your account periodically.
You can generally claim a tax deduction for GIC in the year it is incurred.
The rate of GIC applied is revised quarterly.
Work it out
General interest charge (GIC) rates
You can ask for some or all of your GIC to be remitted. We will look at your individual circumstances, particularly the factors relevant to the late payment.
Make sure you explain fully why your payment was delayed and any steps you took to avoid the delay.
If your GIC remission request is approved, you must include the amount in your income tax return as assessable income in the year in which it was remitted.
Get it done
You can request remission of your GIC by:
Find out more
Penalties and interest
Sumathy runs her own small business. She had paid her tax regularly over many years, but suddenly the payments stopped.
Aware of her good payment record, we phoned Sumathy and found that she had recently been diagnosed with a serious illness and hadn't been able to keep up with managing her business finances.
Sumathy sent us a letter explaining why she had missed making payments, along with a medical certificate from her doctor. Considering her circumstances, we were able to remit some of the GIC and accepted a payment arrangement based on the business obtaining a secured bank loan.
Sumathy kept up with her payment arrangement, cleared the debt and is now back on track.
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