The general interest charge (GIC) is a uniform interest rate imposed by the Tax Office where there is a late payment of a tax debt. It begins to accrue on unpaid amounts from the due date until the balance is paid in full.
GIC rates for the next quarter are typically announced two weeks before the start of that quarter. The following rates apply for the periods indicated:
| Quarter | GIC annual rate | GIC daily rate |
| July – September 2009 | 10.13% | 0.02775342% |
| April – June 2009 | 10.16% | 0.02783562% |
| January – March 2009 | 11.76% | 0.03221918% |
| October – December 2008 | 14.31% | 0.03909836% |
| July – September 2008 | 14.75% | 0.04030054% |
| April – June 2008 | 14.69% | 0.04013661% |
| January – March 2008 | 14.15% | 0.03866120% |
| October – December 2007 | 13.75% | 0.03767123% |
| July – September 2007 | 13.37% | 0.03663014% |
| April – June 2007 | 13.37% | 0.03663014% |
| January – March 2007 | 13.37% | 0.03663014% |
| October – December 2006 | 13.19% | 0.03613699% |
| July – September 2006 | 12.87% | 0.03526027% |
| April – June 2006 | 12.61% | 0.03454794% |
| January – March 2006 | 12.63% | 0.03460274% |
| October – December 2005 | 12.62% | 0.03457534% |
| July – September 2005 | 12.68% | 0.03473973% |
| April – June 2005 | 12.63% | 0.03460274% |
| **January – March 2005 |
12.43% | 0.03405479% |
| October – December 2004 | 12.44% | 0.03398907% |
| July – September 2004 | 12.51% | 0.03418033% |
| April – June 2004 | 12.57% | 0.03434426% |
| January – March 2004 | 12.31% | 0.03363388% |
| October – December 2003 | 11.82% | 0.03238357% |
| July – September 2003 | 11.78% | 0.03227397% |
| April – June 2003 | 11.75% | 0.03219178% |
| January – March 2003 | 11.84% | 0.03243835% |
| October – December 2002 | 11.96% | 0.03276712% |
| July – September 2002 | 11.84% | 0.03243835% |
| April – June 2002 | 11.31% | 0.0309863% |
| January – March 2002 | 11.28% | 0.03090411% |
| October – December 2001 | 11.95% | 0.03273973% |
| July – September 2001 | 11.89% | 0.03257534% |
| April – June 2001 | 13.86% | 0.0379726% |
| January – March 2001 | 13.86% | 0.0379726% |
| October – December 2000 | 13.86% | 0.03786885% |
| July – September 2000 | 14.00% | 0.03825137% |
| April – June 2000 | 13.65% | 0.03729508% |
| January – March 2000 | 13.08% | 0.0357377% |
| October – December 1999 | 12.73% | 0.03487671% |
| July – September 1999 | 12.72% | 0.03484931% |
**Although the GIC rate for January – March quarter has slightly decreased, the daily compounding rate has increased. The reason is that 2004 was a leap year and the daily rate for each quarter in 2004 was calculated by dividing by 366 instead of the usual 365.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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