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ATO interest charges outpace RBA rate rises

ATO interest charges outpace RBA rate rises

The ATO has raised rates on both its general interest charge and its shortfall interest charge by almost a whole percentage point each, moving them ahead of the RBA’s rate rises in May and June.

by Shared from accountantsdaily.com.au | Jun 21, 2022

ATO ruling on JobKeeper GST turnover test released

The GIC rate rises from 7.07 per cent to 8 per cent for the July to September quarter while the SIC goes from 3.07 per cent to 4 per cent for the same period.

These increases come after the RBA raised the cash rate by 50 bps two weeks ago to 0.85 per cent, following a 0.25 per cent lift in May.