The shortfall interest charge was introduced on 29 June 2005 and replaces, at a lower rate, the general interest charge applied to income tax shortfalls for the period before assessments are amended. Note: The GIC still applies for the period after assessments are amended.
|
2014/2015
|
|
April – June 2015
|
5.36%
|
0.01468493%
|
|
Jan – March 2015
|
5.75%
|
0.01575342%
|
|
Oct – Dec 2014
|
5.63%
|
0.01542466%
|
|
July – Sept 2014
|
5.69%
|
0.01558904%
|
|
2013/2014
|
|
April – June 2014
|
5.63%
|
0.01542466%
|
|
Jan – March 2014
|
5.59%
|
0.01531507%
|
|
Oct – Dec 2013
|
5.60%
|
0.01534246%
|
|
July – Sept 2013
|
5.82%
|
0.01594520%
|
|
2012/2013
|
|
April – June 2013
|
5.95%
|
0.01630137%
|
|
Jan – March 2013
|
6.24%
|
0.01709589%
|
|
Oct – Dec 2012
|
6.62%
|
0.01808743%
|
|
July – Sept 2012
|
6.66%
|
0.01819672%
|
|
2011/2012
|
|
April – June 2012
|
7.37%
|
0.02013661%
|
|
Jan – March 2012
|
7.62%
|
0.02081967%
|
|
Oct – Dec 2011
|
7.86%
|
0.02153425%
|
|
July – Sept 2011
|
8.00%
|
0.02191781%
|
|
2010/2011
|
|
April – June 2011
|
7.92%
|
0.02169863%
|
|
Jan – March 2011
|
8.02%
|
0.02197260%
|
|
Oct – Dec 2010
|
7.74%
|
0.02120548%
|
|
July – Sept 2010
|
7.80%
|
0.02136986%
|
Generally, the shortfall interest charge applies from the due date for payment of the earlier, understated assessment until the day before the ATO issue the notice of amended assessment. The amended assessment or tax shortfall and the related shortfall interest charge are due 24 days after the amended assessment is issued.