General interest charge (GIC) rates

On 1 July 1999, the penalty arrangements for late payment and other obligations were streamlined with the introduction of a uniform tax deductible general interest charge (GIC). The GIC replaced a complex system of interest and penalties we imposed for late payments.

Section 8AAD of the Taxation Administration Act 1953 specifies how the rate of the charge is calculated. To work out the daily rate, divide this rate by the number of days in a calendar year.

From 1 July 1999 to 30 June 2000, the GIC was based on the relevant 13-week Treasury Note rate plus eight percentage points. In June 2000, the Australian Office of Financial Management announced that fixed term Treasury Notes, including the 13-week Treasury Note, would no longer be issued. Due to this, the GIC rate of 13.86% remained fixed from June 2000 until the new legislative basis, the 90 day Bank Accepted Bill rate and a reduced uplift factor of 7% was adopted from 1 July 2001.

During the 2000 financial year, the GIC daily compounding rate only applied to pay as you earn, the prescribed payment system, the reportable payment system and sales tax with a simple interest rate applying to other taxes. However, the GIC compounding rate now extends to most taxes, including:

income tax

fringe benefits tax

goods and services tax

pay as you go.

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

Quarterly GIC rates

GIC rates for 2020–21 income year Quarter GIC annual rate GIC daily rate October - December 2020 7.10% 0.01939891% July – September 2020 7.10% 0.01939891%

GIC rates for 2019–20 income year Quarter GIC annual rate GIC daily rate April – June 2020 7.89% 0.02155738% January – March 2020 7.91% 0.02161202% October – December 2019 7.98% 0.02186301% July – September 2019 8.54% 0.02339726%

GIC rates for 2018–19 income year Quarter GIC annual rate GIC daily rate April – June 2019 8.96% 0.02454794% January – March 2019 8.94% 0.02449315% October – December 2018 8.96% 0.02454794% July – September 2018 8.96% 0.02454794%

GIC rates for 2017–18 income year Quarter GIC annual rate GIC daily rate April – June 2018 8.77% 0.02402740% January – March 2018 8.72% 0.02389041% October – December 2017 8.70% 0.02383562% July – September 2017 8.73% 0.02391781%

GIC rates for 2016–17 income year Quarter GIC annual rate GIC daily rate April – June 2017 8.78% 0.02405479% January – March 2017 8.76% 0.024% October – December 2016 8.76% 0.02393443% July – September 2016 9.01% 0.02461749%

GIC rates for 2015–16 income year Quarter GIC annual rate GIC daily rate April – June 2016 9.28% 0.02535519% January – March 2016 9.22% 0.02519126% October – December 2015 9.14% 0.02504109% July – September 2015 9.15% 0.02506849%

GIC rates for 2014–15 income year Quarter GIC annual rate GIC daily rate April – June 2015 9.36% 0.02564383% January – March 2015 9.75% 0.02671233% October – December 2014 9.63% 0.02638356% July – September 2014 9.69% 0.02654794%

GIC rates for 2013–14 income year Quarter GIC annual rate GIC daily rate April – June 2014 9.63% 0.02638356% January – March 2014 9.59% 0.02627397% October – December 2013 9.6% 0.02630137% July – September 2013 9.82% 0.02690411%

GIC rates for 2012–13 income year Quarter GIC annual rate GIC daily rate April – June 2013 9.95% 0.02726027% January – March 2013 10.24% 0.02805479% October – December 2012 10.62 % 0.02901639% July – September 2012 10.66 % 0.02912568%

GIC rates for 2011–12 income year Quarter GIC annual rate GIC daily rate April – June 2012 11.37% 0.03106557% January – March 2012 11.62% 0.03174863% October – December 2011 11.86% 0.03249315% July – September 2011 12.00% 0.03287671%

GIC rates for 2010–11 income year Quarter GIC annual rate GIC daily rate April – June 2011 11.92% 0.03265753% January – March 2011 12.02% 0.03293151% October – December 2010 11.74% 0.03216438% July – September 2010 11.80% 0.03232877%

GIC rates for 2009–10 income year Quarter GIC annual rate GIC daily rate April – June 2010 11.16% 0.03057534% January – March 2010 10.95% 0.03% October – December 2009 10.30% 0.02821918% July – September 2009 10.13% 0.02775342%

GIC rates for 2008–09 income year Quarter GIC annual rate GIC daily rate April – June 2009 10.16% 0.02783562% January – March 2009 11.76% 0.03221918% October – December 2008 14.31% 0.03909836% July – September 2008 14.75% 0.04030054%

GIC rates for 2007–08 income year Quarter GIC annual rate GIC daily rate April – June 2008 14.69% 0.04013661% January – March 2008 14.15% 0.03866120% October – December 2007 13.75% 0.03767123% July – September 2007 13.37% 0.03663014%

GIC rates for 2006–07 income year Quarter GIC annual rate GIC daily rate April – June 2007 13.37% 0.03663014% January – March 2007 13.37% 0.03663014% October – December 2006 13.19% 0.03613699% July – September 2006 12.87% 0.03526027%

GIC rates for 2005–06 income year Quarter GIC annual rate GIC daily rate April – June 2006 12.61% 0.03454794% January – March 2006 12.63% 0.03460274% October – December 2005 12.62% 0.03457534% July – September 2005 12.68% 0.03473973%

GIC rates for 2004–05 income year Quarter GIC annual rate GIC daily rate April – June 2005 12.63% 0.03460274% January – March 2005 12.43% 0.03405479% October – December 2004 12.44% 0.03398907% July – September 2004 12.51% 0.03418033%

GIC rates for 2003–04 income year Quarter GIC annual rate GIC daily rate April – June 2004 12.57% 0.03434426% January – March 2004 12.31% 0.03363388% October – December 2003 11.82% 0.03238357% July – September 2003 11.78% 0.03227397%

GIC rates for 2002–03 income year Quarter GIC annual rate GIC daily rate April – June 2003 11.75% 0.03219178% January – March 2003 11.84% 0.03243835% October – December 2002 11.96% 0.03276712% July – September 2002 11.84% 0.03243835%

GIC rates for 2001–02 income year Quarter GIC annual rate GIC daily rate April – June 2002 11.31% 0.0309863% January – March 2002 11.28% 0.03090411% October – December 2001 11.95% 0.03273973% July – September 2001 11.89% 0.03257534%

GIC rates for 2000–01 income year Quarter GIC annual rate GIC daily rate April – June 2001 13.86% 0.0379726% January – March 2001 13.86% 0.0379726% October – December 2000 13.86% 0.03786885% July – September 2000 14.00% 0.03825137%

GIC rates for 1999–2000 income year Quarter GIC annual rate GIC daily rate April – June 2000 13.65% 0.03729508% January – March 2000 13.08% 0.0357377% October – December 1999 12.73% 0.03487671% July – September 1999 12.72% 0.03484931%

Updated to include general interest charge (GIC) rates announced for the second quarter of the 2020–21 income year.

Last modified: 03 Sep 2020

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