The ATO has advised that the general interest charge (GIC) rate for the fourth quarter of the 2015-16 income tax year (1 April 2016 to 30 June 2016) is as follows:

  • GIC rate is 9.28% ie 90 day BAB rate 2.28% + 7% uplift factor.
  • GIC daily compounding rate is 0.02535519%.
  • SIC rate is 5.28% ie 90 day BAB rate 2.28% + 3% uplift factor.
  • SIC daily compounding rate is 0.01442623%
  • IOP, IEP and DRI rate is 2.28%.

[LTN 45, 8/3/16]