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Employers Need To Prepare For Changes Under STP Expansion

Single Touch Payroll ('STP') reporting has been expanded.

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Get Ready for Super Changes From 1 July 2022

As the new financial year approaches, employers need to be aware of two important super changes.

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ATO Warns About GST Fraud

Taxpayers are being warned to be on the lookout for dodgy online ads, often on social media platforms, promising easy GST refunds.

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High Court Rejects Attempt to Disclaim Interest in Trust Distributions

The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.

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ATO Priorities This Tax Time

The ATO has announced four key areas that it will be focusing on for Tax Time 2022:

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Avoid Double Dipping On Your Deductions

Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their tax return this year.

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Disclosure of Business Tax Debts

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’). 

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No Reduction In The Private Health Insurance Rebate As Of 1 April 2022

An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.

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Reminder Re-Contribution of 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.

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Penalties For Overdue TPAR

The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year.

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Cents per kilometer Deduction For Car Expenses – 2023 Income Years

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

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Reminder of March 2022 Quarter Superannuation Guarantee (‘SG’)

Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022.

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Keeping and Maintaining SMSF Records

Trustees of SMSFs have been put on notice by the ATO that keeping and maintaining good records is one of their key responsibilities and legal obligations.

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New Shield Against Debt Recovery Proposed for Small Business

Small businesses are to be afforded the ability to apply to the Small Business Taxation Division of the Administrative Appeals Tribunal (‘the Tribunal’) for orders to stay (i.e., temporarily suspend) specific ATO debt recovery actions. 

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12-Month Extension of the Temporary Loss Carry-Back Measure

As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.

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Current Business Performance Analysis

When operating a business, the owners should always be held accountable for how the business is currently performing.

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Government Extends SME Recovery Loan Scheme to 30 June 2022

The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic.

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Tax Deductibility of COVID-19 Test Expenses

After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:

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COVID-19 Vaccination Incentives and Rewards

The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination.

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Are You Struggling To Set & Achieve Your Business Goals?

There is no denying that goals are an important part of running a successful business. They can give you a clear focus, motivate employees and set targets for your business to work towards.

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