2022/23 October Federal Budget
Federal Budget overview On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government. Key measures Certainty for unlegislated taxation and superannuation measures Digital Currency – Clarifying that digital currencies are not taxed as foreign currency Depreciation – Reverse the self-assessment of the effective life […]
SG contribution due for September 2022 quarter
Super guarantee contribution due date for September 2022 quarter The due date for employers to make super guarantee contributions for their employees for the September 2022 quarter is 28 October 2022. Varying PAYG instalments The ATO is reminding taxpayers that they can vary their pay-as-you-go (‘PAYG’) instalments if they think the amount they pay now […]
Super comparison tool updated
The YourSuper comparison tool helps individuals compare super products and choose a fund that meets their needs It ranks the performance of super products by fees and net returns. Each year, the Australian Prudential Regulation Authority (‘APRA’) assesses the performance of each MySuper product, and this information is displayed in the comparison tool. Updated information […]
ATO reminder about appointing an SMSF auditor
The ATO is reminding trustees of self-managed super funds that they need to appoint an approved SMSF auditor This must occur no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year). In particular, the ATO says: “Don’t risk approaching an auditor the day before […]
Superannuation support contractor case
Sessional lecturer entitled to superannuation support The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor. The ATO reviewed the situation and concluded that the lecturer was entitled to […]
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 up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. For downsizer contributions made prior to 1 July 2022, eligible individuals must […]
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 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%. Employers that do […]
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 rate of SG is increasing from 10% to 10.5% the $450 per month eligibility threshold for when SG is paid is being removed. What this means for you These changes […]
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 below and contact our office if you need assistance. A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward […]
Re-contribution of COVID-19 early release super amounts
COVID-19 early release super amounts Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. Individuals can make COVID-19 re-contribution amounts to any fund of their choice where […]
