The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of the 2024-25 income year on 19 June, 2024.
For the quarter commencing on 1 July 2024, the GIC annual rate is 11.36%, and the SIC annual rate is 7.36%. The rates are higher than the annual rates of the previous quarter beginning 1 April 2024, where the GIC annual rate was 11.34%, and the SIC annual rate was 7.34%.
Quarter | GIC annual rate | SIC annual rate |
July – September 2024 | 11.36% | 7.36% |
April – June 2024 | 11.34% | 7.34% |