In 2015 TAXVINE No 5 (20 February 2015), Member 23 wrote:
"Why does the ATO charge interest (GIC) and remit it on the same day resulting in pages and pages of useless information? It wastes paper and ink and makes reconciling our clients’ accounts a nightmare.
If the ATO need the information, at least hide it so we do not have to print it."
THE ATO NOW RESPONDS
"Thank you for your feedback. Under the Taxation Administration Act 1953 (TAA), General Interest Charge (GIC) is payable on a daily basis. The Commissioner is also given the authority under the TAA to remit amounts of GIC which results in an adjustment to the client’s account. This may occur on the same day. Improvements to the Statement of Account are being considered as part of our broader online services program of work."