The ATO has advised that the general interest charge (GIC) rate for the fourth quarter of the 2015-16 income tax year (1 April 2016 to 30 June 2016) is as follows: GIC rate is 9.28% ie 90 day BAB rate 2.28% + 7% uplift factor. GIC daily compounding rate is 0.02535519%. SIC rate is 5.28% ie 90 day BAB…
AUSTRAC has released for comment draft amendments to Chapter 38 of the ‘Anti-Money Laundering and Counter Terrorism Funding (AML/CTF) Rules regarding ‘Sale of shares for charitable purposes’. Austrac proposes amendments to Chapter 38 of these rules to increase the threshold for the disposal of parcels of shares to charities from $500 to $10,000. They consider that this higher…
As at 7 March 2016, the Appeal news is as follows. The taxpayer has appealed to the Full Federal Court against the decision in Cable & Wireless Australia & Pacific Holding BV (in liquidatie) v FCT [2016] FCA 78. In that case, the Federal Court held that a foreign resident taxpayer was not entitled to a refund of some…