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Showing 1 - 5 of 5 results for "General Interest Charge"

NPP not suitable as the primary payment system for payday super

MATTHEW WAI | WEDNESDAY, 9 APR 2025

... Simultaneously, the Australian Taxation Office (ATO) will also remove the ability to claim deductions for General Interest Charge and Shortfall Interest Charge to discourage late tax liability payments. Similarly, from 1 July 2026, alongside the introduction ...

Payday Super penalties ramped up ahead of legislation

JAMIE WILLIAMSON | WEDNESDAY, 18 SEP 2024

... in payment. It will now comprise: The SG shortfall Daily interest on the SG shortfall calculated at the general interest charge rate on a compounding basis (currently 11.36%) An additional levy to reflect the cost of enforcement, up to 60% of the SG ...

Superannuation bills on hold

KARREN VERGARA | MONDAY, 15 APR 2019

... and pay employees' full entitlements, including individual shortfall, nominal interest, and any related general interest charge on unpaid amounts of SG. To qualify for the amnesty, employers must disclose to the ATO information related to an SG shortfall ...

Punitive excess contributions tax removed

MARK SMITH | MONDAY, 9 MAR 2015

... marginal tax rate. The investment earnings are calculated through a proxy earnings rate by applying the ATO's General Interest Charge rate to the excess non-concessional contribution. A 15% tax offset is then passed on to the superannuation fund member ...

Government to review aspects of income tax self-assessment: Costello

... amending assessments and the length of tax audits. It will also consider the aspects of the operation of the general interest charge, the level of reliance of that taxpayers can and should be able to place on taxation rulings and other forms of ATO advice ...

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Editor's Choice

BT appoints new head of strategy

KARREN VERGARA | 10:47AM

A former Allianz Retire+ executive has joined BT as the new head of strategy.

ASX sees trade volumes soar in May

MATTHEW WAI | 12:24PM

ASX saw a substantial growth in trade volumes last month, despite continued lackluster movement in IPOs.

Otivo launches AI-powered financial advice

MATTHEW WAI | 12:21PM

Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Munro expands access to climate focused fund

VINNY VUCAGO | 12:09PM

The Munro Global Growth Climate Leaders PIE Fund has been opened to retail investors in New Zealand.

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