The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2024-25 income year on 12 March 2025.
For the quarter commencing on 1 April 2025, the GIC annual rate is set at 11.17%, and the SIC annual rate is set at 7.17%. These rates are lower than those of the previous quarter beginning 1 January 2025, when the GIC annual rate was 11.42% and the SIC annual rate was 7.42%.
Quarter | GIC annual rate | SIC annual rate |
April – June 2025 | 11.17% | 7.17% |
January – March 2025 | 11.42% | 7.42% |
The ATO has also raised the penalty unit to AUD 330 for infringements on or after 7 November 2024. Previously, it was AUD 313 for infringements between 1 July 2023 and 6 November 2024.
Tax laws allow administrative penalties for failing to meet tax obligations. These penalty provisions encourage taxpayers to exercise reasonable care in fulfilling their responsibilities.