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The ATO advises that in preparation for Release 3 of its Change Program, it will be bringing accounts up to date including posting general interest charge (GIC) to income tax accounts. It will be applying GIC to all income tax accounts where it is applicable. The ATO's usual practice is to apply this to accounts on a rolling schedule, so agents may receive more correspondence than normal from the ATO in January 2010.

For a copy of the ATO advice, go here


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