The Australian Taxation Office (ATO) anticipates that COVID-19 will continue to impact the income and deductions taxpayers will be reporting this tax time. This tax time taxpayers need to be aware of changes in circumstances that may affect what needs to be included as income… Read More »COVID-19 and your tax done right
ASIC is asking directors & preparers of annual and half-year reports and auditors to assess whether companies’ 2022 annual and half-year financial reports are providing useful and meaningful information for investors and other users alike. ASIC details the main areas of focus for this company… Read More »ASIC: Focus areas for company reporting
The SRO have released an updated ruling regarding the taxation of land held by charities. Ruling No: LTA-009 replaces the older ruling regarding the taxation of land. Land is exempt from land tax under section 74 of the Land Tax Act 2005 (the Act) if the Commissioner… Read More »State Revenue Office (SRO) Land tax – charity exemption
From 1 July 2022, you will need to pay super for your employees who are under 18 years old if they work more than 30 hours for you in a week. This is because of changes to the super rules for under-18s (young adults). The $450-per-month… Read More »Changes to super for under-18s
As part of Australia’s plan for a stronger future, the Government will reduce fuel excise by 50 per cent for 6 months and applies from 30 March until 28 September 2022. This will see excise on petrol and diesel cut from 44.2 cents per litre to 22.1… Read More »Federal Budget: Reduce fuel excise for 6 months
From 1 July this year, over 10 million individuals will receive a one-off $420 cost of living tax offset. Combined with the low and middle income tax offset (LMITO), eligible low- and middle-income earners will receive up to $1,500 for a single income household, or up… Read More »Cost of living tax offset
From 1 July 2022, employers will need to pay super to their employees who earn less than $450 per month, provided they meet other eligibility requirements. This change expands super guarantee eligibility so that employees & certain contractors can receive super regardless of how much… Read More »Super to cover more employees
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without them counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. COVID-19 re-contribution amounts are not a new type of contribution. They are a personal contribution… Read More »ATO: Reporting COVID-19 re-contribution amounts
The ATO will be paying interest on early payment entitlements (IEP) automatically from March 2022. The ATO are automatically identifying, calculating and paying IEP entitlements directly into nominated bank account. This process applies to eligible early payments made from 1 July 2022. For eligible payments… Read More »ATO: paying interest on early payments
The director identification number (director ID) is a unique identifier that a director will apply for once and will keep forever. If you’re a director of a corporate trustee of a self-managed super fund (SMSF) you will need to apply for a director ID. You… Read More »Preparing for your director ID