08 July 2016 - GAP Accountants

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):

GIC annual rate 9.01%
GIC daily rate 0.02461749%
SIC annual rate 5.01%
SIC daily rate 0.01368852%

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:

Type of Business Adult/Child over 16 years Child 4–16 years
Bakery 1,350 675
Butcher 800 400
Restaurant/cafe (licensed) 4,580 1,750
Restaurant/cafe (unlicensed) 3,500 1,750
Caterer 3,790 1,895
Delicatessen 3,500 1,750
Fruiterer/greengrocer 790 395
Takeaway food shop 3,410 1,705
Mixed business (includes milk bar, general store, and convenience store) 4,230 2,115

 

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

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