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20 Sep 06 Superannuation GIC catch up

The ATO has advised that over the last 12 months it has been improving its accounting systems to ensure the uniform imposition and notification of general interest charge (GIC) for superannuation surcharge and superannuation co-contribution accounts. In the past, there have been some situations where GIC has not been regularly notified.

The ATO will shortly be extending automated updates of GIC for these accounts. A "catch up" process will occur to bring up-to-date amounts of GIC accrued but not previously posted to accounts. As part of this process, the ATO has developed special rules for the remission of GIC. These rules will ensure that there is consistent, equitable treatment for all, and clients will not generally have large amounts of ‘catch up’ GIC remaining on their accounts where this would be unreasonable. In addition, remission can be considered on the individual circumstances of each case, on request.

For more information, go here

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