Statistics Relating To The Imposition And Remission Of General Interest Charge (gic).

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The ATO released statistical data on general interest charge (GIC) impositions and remissions covering financial years 2016-17 through 2024-25. GIC impositions have increased significantly, rising from $1.49 billion in 2016-17 to $9.43 billion in 2024-25, with net imposed GIC reaching $6.86 billion in 2024-25. Remission requests totalled 126,000 in 2024-25, but the approval rate declined to 76% (96,000 granted) compared to 88% in the prior year. Notably, requests from taxpayers with tax agent representation had a 74% approval rate in 2024-25 versus 84% for those without agent representation, suggesting tighter remission criteria. Total remissions granted were $2.56 billion in 2024-25, representing approximately 27%