As the new financial year approaches, employers need to be aware of two important super changes. From 1 July 2022, employees can be eligible for super guarantee (‘SG’), regardless of how much they earn, because the $450 per month eligibility threshold for when SG is paid...

Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their tax return this year. Some of the ‘double dipping’ mistakes commonly made relate to the following deductions: Working from home expenses A common mistake involves using the 'shortcut...

Single Touch Payroll ('STP') reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll. Some digital service providers (‘DSPs’) needed more time to update their products and...

Taxpayers are being warned to be on the lookout for dodgy online ads, often on social media platforms, promising easy GST refunds. The ATO recently issued a media release about large-scale GST fraud attempts exceeding $850 million, that involve customers setting up an ABN without operating...

The ATO has announced four key areas that it will be focusing on for Tax Time 2022: - Record-keeping. - Work-related expenses. - Rental property income and deductions. - Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure: - they spent...

The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: - The taxpayer has an...

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...

The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be 75 cents per...

Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset which reduces an individual...

Changes to Australia’s superannuation laws were passed through both houses of parliament last week and will come into effect on 1 July, 2022. These changes are set to benefit Australian superannuation fund members. 1. The Superannuation Guarantee is legislated to increase from the current 10% to 10.5%....

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