*SIC and GIC rates for Apr-Jun 2014 quarter – base rate of 2.63% plus 3 and 7 basis points respectively – so the GIC is 9.63% pa [62]

The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 4th quarter of the 2013-14 financial year (ie 1 April 2014 to 30 June 2014) are as follows:

• GIC annual rate is 9.63%;
• GIC daily compounding rate is 0.02638356%;
• SIC annual rate is 5.63%; and
• SIC daily compounding rate is 0.01542466%.

[LTN 44, 6/3/14]