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 taxpayer’s tax liability.
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.
There will be an additional NSW State Government support grant, available from mid-February 2022, to assist businesses with the impacts of the Omicron COVID -19 strain.
When Covid-19 struck in 2020, the Austrlian Taxation Office (ATO) put a halt on it's debt recovery action. But that is no longer the case, with the ATO debt recovery team back in action.
The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.
AUSTRAC transaction report information data-matching program
November 23, 2021
AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.
Permanent changes to AGMs and electronic communications
November 23, 2021
The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements, and ensure that companies can continue to meet their obligations amid the uncertainty of the COVID‑19 pandemic.