Let’s get digital!
The ‘Small Business Technology Investment Boost’ is currently sitting with parliament, but with a potential 20% bonus deduction to businesses, it could represent a timely boost amidst rising costs.
Changes to work from home tax claims
With the continuing trend towards working from home arrangements, the ATO has renewed the way taxpayers can claim deductions for costs incurred when working from home.
Budget October 2022: sign of the times
In his first Budget, Treasurer Jim Chalmers used the opportunity to update the shifting economic sands and reset spending priorities to align with the new government’s policy agenda.
New QLD Land Tax rules – Now dumped
Queensland Premier Annastacia Palaszczuk has announced that its controversial land tax, which was to be calculated taking into account the total value of an owner’s Australia-wide land holdings, is to be dumped.
Superannuation guarantee increase to 10.5% from 1st July
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 or salary sacrifice superannuation contributions.
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.
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.