The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 1st quarter of the 2014-15 financial year (ie 1 July 2014 to 30 September 2014) are as follows:
- GIC annual rate is 9.69%;
- GIC daily compounding rate is 0.02654794%;
- SIC annual rate is 5.69%;
- SIC daily compounding rate is 0.01558904%.
[LTN 106, 4/6/14]