Our Insights
Downsizer contributions age changes
Downsizer contributions age changes from 1 July 2022 From 1 July 2022, people aged 60 years and over became eligible to make downsizer contributions of
SG contribution due date for June 2022 quarter
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
ATO targeting SMSFs
ATO targeting SMSFs that fail to lodge annual returns The ATO has observed an increase in the number of SMSFs that fail to lodge their
ATO small business focus
ATO’s small business focus for 2022 income year The ATO announced that it will be focussing on the following matters for small business tax returns
Disclosure of business tax debts to CRBs
Credit Reporting Bureaus The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit
Decision in disclaiming interest in trust distribution
High Court rejects attempt to disclaim interest in trust distribution The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income
Super Guarantee changes from July
Get ready for changes to super guarantee From 1 July 2022, two important super guarantee (SG) changes will apply to your business. These are: the
2021/22 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2022 Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information
2021/22 Year-end Checklist for Business
Small Business Entities Tax Checklist Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. Small Business Entities (‘SBEs’)
Single Touch Payroll changes
There have been changes to Single Touch Payroll (STP) Employers are required to report additional payroll information now or once your payroll product is ready.
Cents per kilometre deduction for car expenses
2023 income year The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car
Penalties for overdue TPAR
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year Taxpayers who operate in certain industries and that make payments to
