When you make a staged payment, you must also pay the interest that applies to the total outstanding unpaid GAIC liability up to, and including, your chosen payment date. This interest is calculated daily, based on annual rates.
The interest rate for each financial year is the daily yields average for the 10-year Treasury Corporation of Victoria bond for May in the previous financial year. For example, the rate to be used for the 2020-21 financial year is the average daily yields for May 2020.
Gather supporting information
Before you make a payment, you need:
- The details of the property subject to the staged payment, including the land’s address and title references.
- A copy of the Notice of Approval of Staged Payment Arrangement from the Victorian Planning Authority. This document contains:
- The Notice Number located in the top right corner of the notice, which is in the format — SPA XX/XXXX(x).
- The Schedule of GAIC Staged Payment Arrangement.
- The date on which you plan to make your staged payment.
If you have previously made a staged payment, you will also need the certificate of partial release issued for your most recent payment.
Calculate the interest on your staged payment
You can use our GAIC staged payment arrangement interest calculator to work out the interest you must pay with each subsequent payment.
To use this calculator, you need to know:
- The date on which you plan to make your next staged payment.
- The date we received your previous staged payment.
- Your total outstanding unpaid GAIC liability following your previous payment.
Your most recent Certificate of Partial Release contains the date we received your previous payment and the total outstanding unpaid GAIC liability after that payment was made. If you can’t find these figures, please contact us.
Based on the date you plan to make your next payment, the calculator will then work out:
- the total outstanding GAIC liability for the stage(s) you want to pay, and
- the total interest you need to pay in addition to this outstanding GAIC liability.
As interest is charged daily, changing your planned payment date can impact your entire staged payment arrangement. Use the calculator to check your interest and total payment on the day you plan to make your staged payment.
Pay your staged payment and interest
You can pay your staged payment and interest by electronic funds transfer (EFT) using these details:
- BSB: 033222
- Account number: 170444
- Account name: State Revenue Office
- Reference: The Notice Number, located on the top right corner of the GAIC Notice of Approval of Staged Payment Arrangement. This Notice Number is the format SPA xx/xxxx(x).
Request a certificate of partial release or release
After making your payment, you need to request a:
- GAIC certificate of partial release if you have only paid off an approved stage, or a
- GAIC certificate of release if you have paid off all the stages in your staged payment.
These certificates enable the removal of the GAIC recording on the land(s) for which the GAIC has been paid. Email your request to email@example.com with these details:
- Your name.
- Details of the GAIC affected property, including:
- A copy of the plan in the form that it is to be registered with Land Use Victoria.
- Name of the owner.
- Address and title references.
- The Notice Number, located on the top right corner of the GAIC Notice of Approval of Staged Payment Arrangement.
- EFT payment confirmation number.
- Date of payment.
- Amount paid.
We will contact you if we require any other information to process your request for a GAIC Certificate of Partial Release or Release.
If you have requested a Certificate of Partial Release, it will contain the details you need to calculate the interest on your next staged payment. This includes information on whether, because of an under or over payment of interest, you need to adjust your next staged payment and your outstanding GAIC liability.
Penalties apply if you do not pay the GAIC liability on the land by the due date in accordance with your approved Schedule of GAIC Staged Payment Arrangement.