The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 4th quarter of the 2011-12 financial year (ie 1 April 2012 – 30 June 2012) are as follows:

  • GIC annual rate is 11.37%;
  • GIC daily compounding rate is 0.03106557%;
  • SIC annual rate is 7.37%;
  • SIC daily compounding rate is 0.02013661%.

[LTN 44, 6/3]

Category: Tax Month - March 2012

Author: John Morgan

John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au