Tax watchdog calls on ATO to urgently reform GIC remission
The tax watchdog says inconsistent and unfair decisions from the ATO disproportionately affect small business taxpayers.
The Australian Taxation Office (ATO) should rapidly improve its handling of General Interest Charge (GIC) remission requests, the tax watchdog says, after it found inconsistent and unfair decisions from the ATO disproportionately affect small business taxpayers.
The tax office has agreed to all of Tax Ombudsman Ruth Owen’s reform recommendations, while defending the GIC as a vital part of its overall collection strategy.
The GIC is a financial penalty applied to unpaid tax liabilities, encouraging individuals and businesses to pay their tax in full and on time.
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