GIC rate (8.96%) and SIC (4.96%) rates for the first quarter of 2018-19 – modest increases over the last year

Tax Month - June 2018

The ATO has released the ‘General Interest Charge’ (GIC) and Shortfall Interest Charge (SIC) percentages for the first quarter of 2018-19, ie July to September 2018: GIC annual rate – 8.96% GIC daily rate – 0.02454794% SIC annual rate – 4.96% SIC daily rate – 0.01358904% FJM 12.6.18 [ATO website: GIC, SIC; LTN 106, 5/6/18; Tax Month – June…

‘Seasonal Workers’ – Commissioner exempts ‘substantial’ employers from having to report under the Div 389 ‘One Touch’ reporting system (see ‘One Touch’ overview, too)

Tax Month - June 2018

The Taxation Administration – Single Touch Payroll – Exemption for Employers Having a Seasonal Workforce was registered on Tue 5.6.2018. Made under s 389-10(1) of Sch 1 to the TAA, it provides for the ATO to exempt employers with a seasonal workforce from reporting under STP if they have 20 or more employees on 1 April in any year,…