ATO Interest Rate Now 10.95%

On 1 July 1999, the penalty arrangements for late payment and other obligations were rationalised and simplified pursuant to Taxation Laws Amendment Act (No 3) 1999.

This was done by the introduction of a uniform tax deductible general interest charge (GIC). The GIC replaced a complex system of interest and punitive culpability penalties imposed following late payment of outstanding amounts due to the Tax Office.

The GIC is updated quarterly with rates for the next quarter generally announced two weeks before the start of that quarter.

The GIC rate announced for March 2010 quarter is 10.95%.

Previous rates can be obtained here ==> previous qtr GIC rates

(Source ATO)

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