This paper studies the physical basis of the giant-spin Hamiltonian, which is usually used to describe the anisotropy of single-molecule magnets. A rigorous extraction of the model has been performed in the weak-exchange limit of a binuclear centrosymmetric Ni(II) complex, using correlated ab initio calculations and effective Hamiltonian theory. It is shown that the giant-spin Hamiltonian is not appropriate to describe polynuclear complexes as soon as spin mixing becomes non-negligible. A relevant model is proposed involving fourth-order operators, different from the traditionally used Stevens operators. The new giant-spin Hamiltonian correctly reproduces the effects of the spin mixing in the weak-exchange limit. A procedure to switch on and off the spin mixing in the extraction has been implemented in order to separate this effect from other anisotropic effects and to numerically evaluate both contributions to the tunnel splitting. Furthermore, the new giant-spin Hamiltonian has been derived analytically from the multispin Hamiltonian at the second order of perturbation and the theoretical link between the two models is studied to gain understanding concerning the microscopic origin of the fourth-order interaction in terms of axial, rhombic, or mixed (axial-rhombic) character. Finally, an adequate method is proposed to extract the proper magnetic axes frame for polynuclear anisotropic systems.