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 16 September 2024.
For the quarter commencing on 1 October 2024, the GIC annual rate is 11.38%, and the SIC annual rate is 7.38%. These rates are higher than those of the previous quarter beginning 1 July 2024, when the GIC annual rate was 11.36% and the SIC annual rate was 7.36%.
Quarter |
GIC annual rate | SIC annual rate |
October – December 2024 | 11.38% | 7.38% |
July – September 2024 | 11.36% |
7.36% |