Superannuation guarantee increase to 10.5% from 1st July
Employers are reminded that the Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.
Work-test repeal – enabling those under 75 to contribute to super
From 1 July 2022, the work-test has been scrapped and individuals aged younger than 75 years will be able to make or receive non-concessional contributions (including under the bring-forward rule) or salary sacrifice superannuation contributions without meeting the work test, subject to existing contribution caps.
Fringe Benefits and religious practitioners – new ATO examples
The ATO has recently added some new examples on its website to help explain the requirements for exempt fringe benefits provided to religious practitioners. These examples are in addition to the examples provided in Taxation Ruling 2019/3.
Additional guidance from the ATO on cryptocurrency
The ATO has released some further high-level guidance on the tax treatment of cryptocurrency which might be useful in determining the tax outcome for clients who are involved in cryptocurrency transactions.
Disclosing Key Management Personnel Remuneration
For the 2022 and future ACNC Annual Information Statements, large charities will be required to report remuneration of key management on an aggregated basis in their financial statements.
ATO ramps up heat on directors
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.
Removal of the $450 super guarantee contribution threshold
In February this year the federal government passed legislation to enact previously announced changes to the superannuation system. One of these was the removal of the $450 super guarantee contribution threshold
Immediate capital deductions extended
Legislation passed by Parliament last month extends the rules to cover assets that are first used or installed ready for use by 30 June 2023.
The festive season brings together families and important decisions
Busy lives and distant homes can make it easy to feel out of touch, but Christmas may be a time when adult children and their ageing parents can take control over their future with advice and family discussions.
Are you ready for STP Phase 2?
Most employers will be familiar with Single Touch Payroll STP) and to further streamline employer reporting obligations, an expansion of STP is on its way requiring additional information to be reported to the ATO.
What happens to your superannuation when you die?
Your superannuation is not treated like other assets when you pass away - have you reviewed your death nominations to ensure it goes where you want it to go?