tax

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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Tread carefully: TPB re-registration is not always a “given”

A tax agent applied to re-register with the Tax Practitioners Board (TPB), mistakenly assuming this was something of a formality, only to find that the board concluded he was not a “fit and proper person” to hold registration. TPB re-registration is not always a “given” The TPB rightly sticks by its responsibility to see that

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Is that benefit caught by Division 7A or FBT?

A common occurrence, particularly in family companies, is the provision of benefits to shareholders of a company in which those same shareholders are also directors of the company. The question will then arise; is that payment caught by Division 7A or FBT? As a general rule, a fringe benefit arises if the company provides a

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