Income Tax Articles
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.
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.
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.
COVID-19 Home Office hourly claim extended
The ATO has recently announced a further extension to the temporary shortcut method for claiming home office running costs, extending the method to the 30th June 2022.
Are COVID-19 grants and funding tax free?
Most people would think that money provided by the Government to support people and business during a crisis would be tax free. Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it?
New laws target sharing economy platforms
In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms.
Help available for holiday accommodation providers
In response to the recent COVID-19 lockdown in Victoria, the State government has announced a support program for holiday accommodation providers.