July ATO updates

GIC and SIC rates for the 2016 September quarter

The ATO has published the 2016 September quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC):

Car depreciation limit for 2016/17

The car limit is $57,581 for the 2016/17 (up from $57,466 for the previous year).  This amount provides a limit on depreciation and GST input tax credit claims.

Goods taken from stock for private use: 2015/16

The ATO has provided an update of the amounts it will accept for 2015/16 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries.

The amounts (which exclude GST) are:

The ATO recognises that greater or lesser values may be appropriate in particular cases.  It says it will adjust the values annually.