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.
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.
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.
Director identification numbers available soon
The Federal government has now confirmed the due dates for application by all directors for a Director Identification Number (DIN), with applications open from November 2021.
Victorian Covid Relief Payments Declared Tax Free
The Federal Government has passed legislation to enable the Treasurer to decide which state and territory business support programs would be eligible for tax-free status, known as non-assessable non-exempt (NANE) income.
The JobKeeper Extension
In late July 2020, the Federal Government announced an extension to the JobKeeper measure beyond its 27th September 2020 conclusion date, with further measures announced in light of the recent COVID19 restrictions imposed in Victoria.