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17 Sep 2020 ATO News

ATO releases GIC and SIC rates for Q2 2020-21 income tax year

The ATO has released the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the second quarter of the 2020-21 income tax year, for the period 1 October 2020 to 31 December 2020.

  • GIC rate is 7.10%
  • GIC daily compounding rate is 0.01939891%.
  • SIC rate is 3.10%
  • SIC daily compounding rate is 0.00846994%.
  • Interest on Overpayments, Interest on Early Payments, Delayed Refund Interest rate is 0.1%.

Lodgment deferral tips

Follow these ATO tips to help ensure deferral requests for your clients are processed without delay.

Read more here.

Deductions for vacant land

If your clients hold vacant land and intend to build a rental property, remind them they are no longer able to claim deductions for the cost of holding the vacant land until the property is available for rent. Find out when exceptions apply.

Read more here.

Tax Time support for Aboriginal and Torres Strait Islander people

The ATO continues to see increased demand for the dedicated and tailored support provided each year to make tax and super as easy as possible for Aboriginal and Torres Strait Islander peoples.

Read more here.

DGR table

DGR table of the categories that are able to obtain DGR endorsement.

Read more here.

New DGR category for community sheds

Eligible community sheds can now apply to be endorsed as a deductible gift recipient (DGR).

Read more here.

Community sheds

A community shed must meet certain requirements to be endorsed as a deductible gift recipient (DGR).

Read more here.

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