GIC and SIC rates change

The ATO has advised that the general interest charge (GIC) rate, shortfall interest charge (SIC) and related rates, for the second quarter of the 2017-18 income tax year (October to December 2017 inclusive) are as follows: GIC and SIC rates change GIC annual rate is 8.70% GIC daily compounding rate is 0.02383562%. SIC annual rate is

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Don’t let a tax debt make your client call time-out

Whether your client is running a business or is just an individual trying to make ends meet, there is nothing worse for them than to find they have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge. The Australian

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