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The ATO has raised rates on both its general interest charge and its shortfall interest charge by almost a whole percentage point each, moving them ahead of the RBA’s rate rises in May and June.
The GIC rate rises from 7.07 per cent to 8 per cent for the July to September quarter while the SIC goes from 3.07 per cent to 4 per cent for the same period.
These increases come after the RBA raised the cash rate by 50 bps two weeks ago to 0.85 per cent, following a 0.25 per cent lift in May.
Read more at Accountants Daily