04/12/2017 – As part of continuing efforts to improve tax transparency and the international tax framework, the OECD has released the first analysis of individual countries’ progress in spontaneously exchanging information on tax rulings in accordance with Action 5 of the BEPS package of measures released in October 2015. The first annual report on the…
The ATO has released the General Interest Charge (GIC) and Shortfall interest charge (SIC) rates for the third quarter of 2017-18 covering Jan- March 2018. They are: GIC annual rate – 8.72% GIC daily rate – 0.02389041%. SIC annual rate – 4.72%. SIC daily rate – 0.01293151%. [ATO website: GIC, SIC; LTN 233, 5/12/17; Tax Month Dec 2017]
The Australian National Audit Office (ANAO) has released its performance audit report on the Costs and Benefits of the Reinventing the ATO Program. The ATO said the overall intent of the Reinventing the ATO program was to transform the ATO’s internal culture, “providing a stronger connection to the community and an openness and willingness to…
Following our announcement on 9 November 2017 on when self-managed super funds (SMSFs) need to report events affecting their members’ transfer balance, we have developed this article you can use as a quick reference guide. The ATO put out this guidance on 5 Dec 2017. Events you need to report You only need to report events…
From January 2018 the ATO will start sending Excess Transfer Balance (ETB) Determinations to individuals who have exceeded their transfer balance cap and not rectified the excess. These will generally be based on information APRA funds will have reported to the ATO. If an SMSF member receives one of these ETB Determinations, remember: If the SMSF trustee must…