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Div.293 concessional contribution assessments have been issued

The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years.

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Extending Administrative Relief for Companies to Use Technology

The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001.

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Expansion of Support for SMEs to Access Funding

The Government is providing additional support to small and medium sized businesses ('SMEs') by expanding eligibility for the SME Recovery Loan Scheme.

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The ‘Gigs Up’ With a New Sharing Economy Reporting Regime

Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022).

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New FBT Retraining and Reskilling Exemption Available

Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may now be exempt from fringe benefits tax (‘FBT’).

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Maximum Contributions Base For Super Guarantee

The maximum super contributions base is used to determine the limit on any individual employee's earnings base for superannuation guarantee purposes on a quarterly basis.

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Division 7A Benchmark Interest Rate For 2022 Remains Unchanged

The Division 7A benchmark interest rate for the 2022 income year remains unchanged from the 2021 rate of 4.52%.

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Reminder of Superannuation Caps Indexation for 2022

From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.

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New ATO Data-Matching Programs

The ATO has advised that it will engage in two new data matching programs, as outlined below:

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SMSF Limited Recourse Borrowing Arrangements Interest Rates

The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement ('LRBA') to an SMSF would be consistent with the safe harbour terms the ATO will accept for the 2021/22 financial year.

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Introducing SMSF Rollover Alerts

Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund ('SMSF').

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Rent or Lease Payment Changes Due to COVID-19

The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such as waivers or deferrals of rent) as a result of COVID-19. 

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Lost, Damaged or Destroyed Tax Records

The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters, so if they find their records have been lost or destroyed, whether in cyclones, floods or bushfires, the ATO can help. According to ATO Assistant Commissioner Tim Loh:

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Changes to STP Reporting from 1 July 2021

Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption.

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Taxable Payments Annual Reports (‘TPARs’) Due 28 August

2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services:

  • building and construction;
  • cleaning;
  • courier, delivery or road freight;
  • information technology (‘IT’); or
  • security, surveillance or investigation.

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New ATO Data-Matching Programs Involving Property

The ATO has advised that it will engage in two new data matching programs dealing with property transactions, as outlined below:

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Super Guarantee Contribution Due Date for June 2021 Quarter

The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021.

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Extension of Time to Make Repayments on Division 7A Loans

Under a complying Division 7A loan from a private company, the borrower must make minimum yearly repayments ('MYR') before the end of the lender’s income year to avoid the loan being treated as an assessable dividend.

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ATO Warns On ‘Copy/Pasting’ Claims

The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.

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Car Parking Threshold for 2022 FBT Year

The car parking threshold for the FBT year commencing on 1 April 2021 is $9.25.

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