Posts Tagged "GIC"
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Late on ATO payments? Why delays are more costly now
Posted on November 26th, 2025 by Marg MarshallWhen a taxpayer is late paying their tax debt, the ATO has the option to charge general interest charge (GIC). This is currently charged at 10.61% pa. As of 1 July 2025, GIC is not tax deductible.
In recent years, WLF and our clients have had a good relationship with the ATO. The COVID period saw the ATO relax a little on lodgement and payment expectations, and this assisted us and you, our clients, to manage obligations and, for the most part, recover from that time and meet tax obligations in a timely manner. When payment of tax debts was dif…