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The ATO has published the 2016 March quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC): GIC annual rate 9.22% GIC daily rate 0.02519126% SIC annual rate 5.22% SIC daily rate 0.01426229% Please Note: Many…

A taxpayer’s claim that a related trust was entitled to the small business 15-year exemption* was rejected because a loan from his trust had to be included in the net value of his CGT assets. Note (*): One of the…

The Superannuation Complaints Tribunal, which can resolve disputes between large superannuation funds and their members, recently provided some guidance regarding the payment of death benefits from superannuation funds, possibly because the largest category of complaints the Tribunal determined at review…

The ATO has advised that it is contacting businesses in the building and construction industry about information provided on their Taxable payments annual report, where the businesses have:    provided a report with missing or invalid ABNs;   included amounts paid…

As the SuperStream rollout for small businesses continues, the ATO claims that it is helping employers in select industries who need support implementing SuperStream. Editor: Employers with 20 or more employees were expected to be using SuperStream no later than…

The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies. This system sees the whole of a company’s taxable income subject to the following rates: –      28.5%…