Recent advice regarding Zero Interest LRBAs and SMSFs Editor: Although the ATO originally indicated that LRBAs from related parties with non-commercial features, such as zero interest being charged, were “OK”, they changed this position last year. In particular, two IDs released late last year (IDs 2014/39 and 40) basically state that any income derived from […]
GIC and SIC rates for 2013 December quarter
GIC and SIC rates for 2013 December quarter The ATO has released the 2013 December quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC) as follows: GIC annual rate 9.6% GIC daily rate 0.02630137% SIC annual rate 5.6% SIC daily rate 0.01534246% Interested in joining our team? Why not […]
Receiving a windfall
Receiving a windfall When receiving a windfall, i.e. an inheritence, gambling or monetary gift, the best way to use your windfall is to repay debts that you may have. An action plan for windfalls Seek professional advice on taxes and legal matters Deposit funds in insured bank accounts to ensure safety Don’t make any big […]
