This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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Paying your tax debt
Income tax debts must be paid by the due date - see Payment.
General interest charge (GIC) is a uniform interest charge imposed where there is a late payment of a tax debt. The GIC rate is the 90-day bank accepted bill rate plus 7% and is updated on a quarterly basis. Amounts payable under the original assessment are due on the statutory due date for payment, which is the first day of the sixth month of the following income year or by such later date as the Commissioner allows. For example, for large/medium funds with a balancing date of 30 June 2009, the statutory due date for payment is the following 1 December 2009. Each year, funds are sent a reminder letter notifying them of their actual lodgment and payment due dates. GIC will begin to accrue from the due date for payment until the amount is paid in full.
For more information on the GIC, phone the Business Infoline on 13 28 66.
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What if the fund cannot pay the tax debt by the due date?
If you cannot pay the debt on time, phone the Account Management Infoline on 13 11 42.
You are expected to organise the fund's affairs to ensure that you pay the debt on time. However, depending on the circumstances, you may be able to enter into an arrangement to pay by instalments. You may need to provide details of the fund's financial position, including a statement of its assets and liabilities and details of the funds income and expenditure. We will also want to know what steps you have taken to obtain funds to pay the tax debt and the steps you are taking to meet future tax debts on time. GIC will continue to accrue on the outstanding balance from the original due date.
Last modified: 25 Nov 2009QC 21714