NEWS & INSIGHTS
Tax Time Targets
With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season.
1. Record-keeping
2. Work-related expenses
3. Rental property income and deductions, and
4. Capital gains from crypto assets, property, and shares.
Superannuation Contribution Changes
Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all SMSF members, young and old, to grow their retirement savings.
ATO Refocus on Debt Collection
The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt.
Director ID
Legislation has been passed which will require all current and new directors of Australian companies to hold a unique Director Identification Number (Director ID). The Director IDs are intended to provide traceability of a director's relationships across companies, to...
Hardship Grant
As part of the Level 2 COVID-19 Business Assistance Package, two tiers of support are available to small businesses who have experienced a decrease in turnover for any two week period since 1 January 2022. The Level 2 COVID-19 Business Assistance Package - Small...
What’s Changing on 1 July 2022?
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For Business: Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5%...
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