ATO Publishes Quarterly General Interest Charge Rates and Shortfall Interest Charge Rates for Fourth Quarter of 2024-25, Increases Penalty Unit Amount
- The Australian Taxation Office (ATO) has announced the general interest charge (GIC) rate of 11.17% and the shortfall interest charge (SIC) rate of 7.17% for the fourth quarter of the 2024-25 income year, starting April 1, 2025. Both rates reflect a decrease from the previous quarter’s rates of 11.42% for GIC and 7.42% for SIC.
- The ATO provides access to GIC and SIC rate tables, which include daily rates and historical data dating back to the 1999-2000 income year for GIC and the 2004-05 income year for SIC, allowing taxpayers to review changes over time.
- Additionally, Australia has increased its penalty unit amount to AUD 330 for infringements occurring on or after November 7, 2024, up from the previous amount of AUD 313 applicable for infringements from July 1, 2023, to November 6, 2024.
Source Orbitax
