Our Recent Blogs
ATO advice for SMSFs thinking about investing in crypto assets.
The ATO recommends that trustees of self-managed super funds ('SMSFs') thinking about investing in crypto assets should seek professional advice from a licensed financial adviser.
Electric car taxes and rebates revealed.
The Federal Government recently introduced the Treasury Laws Amendments (Electric Car Discount) Bill 2022, which will reduce the upfront and ownership cost of electric vehicles (“EVs”) so that more families who want them, can afford them. If enacted it not only be good for motorists, employees and their workers and most of all for climate action.
Important fuel tax credit rate changes.
Fuel tax credits (“FTC”) regularly change, so it’s important to know the correct rate to apply to your business activity statement (“BAS”). Multiple rates may apply to your September 2022 Quarter BAS.
Register “.au” domain or risk a costly battle later on.
Businesses that already have a “.com.au” domain can priority register for their shortened .au domain before 9:59am AEST on 21 September 2022 or risk it going to someone else.
Small Business Tax Incentives: Technology Investment Boost.
The Government is consulting on exposure draft legislation to introduce a Technology Investment Boost to help small businesses operate digitally.
Small Business Tax Incentives: Skills and Training Boost.
The Government is consulting on exposure draft legislation to introduce a Skills and Training Boost to support small businesses to train and upskill their employees resulting in more staff productivity and retention.
Super comparison tool updated.
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.
Further change to pandemic leave payment.
Following a National Cabinet meeting, the PM announced changes to current COVID-19 settings, which affect the disaster leave payment.
Pandemic Leave Disaster Payment reinstated.
In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has agreed to reinstate the ‘Pandemic Leave Disaster Payment’ to 30 September 2022, which was otherwise set to end as of 30 June 2022.
Contractor or Employee Argument: Sessional lecturer entitled to superannuation support.
The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor.
Tax time focus on rental property income and deductions.
The ATO is focusing on four major concerns this tax season when it comes to rental properties.
ATO to target ‘wash sales’ this Tax Time.
The ATO is warning taxpayers to not engage in ‘asset wash sales’ to artificially increase their losses to reduce gains (or expected gains). Wash sales are a form of tax avoidance that the ATO is focused on this tax time.
ATO updates ‘cents per kilometre’ rate for individuals.
The ATO has updated the cents per kilometre rate relating to individual car expenses for the 2023 income year to 78 cents per business kilometre.
Downsizer contributions age changes from 1 July 2022.
From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. For downsizer contributions made prior to 1 July 2022, eligible individuals must have been aged 65 years or older at the time of making their contribution.
Super Guarantee Contribution due date for June 2022 quarter.
The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%.
Get on the front foot with business tax debts.
The ATO have advised us that they have resumed their debt collection activities in the small-business sector after a pause last year during lockdown. This means businesses need to really focus on clearing the debt as the ATO pursues harder collection measures.
Employers need to prepare for changes under STP expansion.
Single Touch Payroll ('STP') reporting has been expanded.
This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll.
Get ready for super changes from 1 July 2022.
As the new financial year approaches, employers need to be aware of two important super changes.
ATO priorities this tax time.
The ATO has announced four key areas that it will be focusing on for Tax Time 2022…
JobMaker Year 2 adjusting baseline headcount.
If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted baseline headcount for the claim. The ATO will amend the prefill in the claim form based on information provided in earlier claims.