News
New 15% super tax to apply from 1 July 2025
April 27, 2023
The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).
Start thinking about your FBT obligations
April 27, 2023
The 2023 FBT year ended on 31 March, so it is now time for employers to get ready to lodge your 2023 FBT returns, where you have provided benefits to employees (or associates) between 1 April 2022 and 31 March 2023.
Further eligibility age change for downsizer contributions
March 1, 2023
In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, eligible individuals aged 55 years or older can choose to […]
Working from home deduction changes for 2022–23
March 1, 2023
The record keeping requirements and methods for calculating working from home deductions has changed for the 2022–23 income year onwards. Following consultation with the tax profession, the proposed changes to the working from home fixed rate method have been finalised. From the 2022–23 income year, the methods available to calculate working from home deductions are […]
FAMILY AND DOMESTIC VIOLENCE LEAVE
February 2, 2023
FAMILY AND DOMESTIC VIOLENCE LEAVE Employees are entitled to 10 days of paid family and domestic violence leave from their employment start date. This entitlement resets on the anniversary of their employment start date, and is effective from: · 1 February 2023 for employees of non-small business employers, defined as employers with 15 or more employees […]
Super guarantee contribution due date for September 2022 quarter
October 10, 2022
September 2022 quarter Super Guarantee is due 28 October 2022
Input tax credits denied due to lodging BASs late
October 10, 2022
The Administrative Appeals Tribunal (AAT) has held that a partnership’s entitlement to $16,361 of input tax credits claimed for the quarterly periods of 1 July 2012 to 31 March 2017 had ceased by the time the associated BASs were lodged with the ATO on 21 June 2021, and therefore the ATO did not need to […]
Banking business income to a private account
October 10, 2022
The ATO has stated that it has "no concerns" with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn't reported.
Sessional lecturer entitled to superannuation support
August 26, 2022
The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor. The ATO reviewed the situation and concluded that the lecturer was entitled to receive superannuation support. This was on […]