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09 Jun 099 No GIC between 15 May and 5 June 2009

On 5 May 2009, the ATO issued a broadcast entitled "Company and superannuation fund payment dates for income tax returns lodged prior to 16 February 2009," clarifying that 2008 company and superannuation fund returns due on 15 May 2009 and lodged on or after 16 February would have a lodgment and payment due date of 5 June 2009. However, those company and superannuation fund income tax returns lodged prior to 16 February 2009 would continue to have a payment date of 15 May 2009, as per the Lodgment Program 2008-09.

The ATO has now advised that due to the short timeframes associated with the announcement and the delays in sending lodgment and payment reminder letters, which would have provided the correct date for payment, the ATO will not impose GIC on any 2008 income tax return liability outstanding between 15 May and 5 June 2009. GIC will be applied to any 2008 liability that remains unpaid after 5 June 2009.

For a copy of the ATO advice, go here

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