ATO to cease issuing statements on GIC
The Tax Office will stop issuing automated statement of accounts when the only transaction on an account is a general interest charge.
The ATO has told tax agents that it has changed the way it issues statements of account for clients.
"We’ve stopped issuing automated statement of accounts (SOAs) when the only transaction on an account is a general interest charge (GIC)," it said.
"This means there’ll be less ATO correspondence for you or your clients to receive and process, but you’ll still have access to up-to-date account information when it comes to interest accruing on debts."
The ATO said tax agents will still be able to view their clients' account balances and recent transactions in online services for agents.
Clients will also be able to view their account balance and recent transactions in ATO online services.
"Our regular debt correspondence with taxpayers will continue to advise that GIC may accrue until the debt is paid in full, and the amount owing will include any GIC incurred up to that point," the Tax Office said.
"In certain circumstances, we may send taxpayers reminders by SMS, myGov message or email that GIC is accruing."
The ATO said tax professionals and their clients are also able to request an SOA at any time.
"We’ll continue to issue SOAs for other events, such as when interest accrues on early payments, when credits or refunds are used to offset other debts, and in some cases, when a Notice of Assessment issues," it said.
