ATO guidance update: debt relief and waivers

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Tax-related debts are sometimes ignored by those of us struggling with inflationary pressures and sky-high energy prices. However, this may not be the wisest course of action, since these disregarded debts are likely to continue to accumulate general interest charges. Generally, the ATO won’t pursue a debt if it’s satisfied that the debt is uneconomic […]

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Tax Time 2022: businesses get ready

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As the end of another tax year approaches, the ATO is reminding businesses that it’s time to: see if there are tax-deductible items your business needs before 30 June; check if there are any concessions your business can access before 30 June; think about your recordkeeping habits this past year – should anything be done […]

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ATO’s COVID-related support for SMSFs

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Because of the financial impacts of COVID-19, trustees of a self managed superannuation fund (SMSF), or a related party of the fund, may provide or accept certain types of relief, which may give rise to contraventions of the super laws. Some trustees may also have been stranded overseas because of travel bans, which can affect […]

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ATO urges vigilance: new TFN and ABN scams

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The ATO is urging people and businesses to be vigilant following an increase in reports of fake websites offering to provide tax file numbers (TFN) and Australian business numbers (ABN) for a fee, but failing to provide those services. The fake TFN and ABN services are often advertised on Facebook, Twitter or Instagram. The scammers […]

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Movement at the FBT station: COVID-19 tests, car parking

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FBT is generally seen as a relatively slow-moving and quiet area of tax law. But Budget day this year saw some movement at the FBT station, specifically regarding COVID-19 tests provided to staff, and also car parking benefits. RATs for employees The 2022–2023 Federal Budget included a measure, now passed into law, to make costs […]

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Employees vs contractors: more clarity coming

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For many businesses, the line between employees and contractors is becoming increasingly blurred, partly due to the rise of the gig economy. However, businesses should be careful, as incorrectly classifying employees as contractors may be illegal and expose the business to various penalties and charges. Recently, the High Court handed down a significant decision in […]

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Downsizer contributions: age limit change

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To help those nearing retirement boost their super balances, people aged 65 and over can currently make downsizer contributions to their super of up to $300,000 from the proceeds of the sale of their home. Tip: Downsizer contributions don’t count towards the super contribution caps, but do count towards the transfer balance cap, which applies […]

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Support for flood-ravaged areas

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The recent devastating flooding in South East Queensland and parts of New South Wales has left many people homeless, caused vast amounts of property damage and has sadly led to loss of life. While the clean-up effort continues in many areas, there is some immediate financial help available for those affected, including the Disaster Recovery […]

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Work test scrapped for super contributions: under 75s

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From 1 July 2022, people aged between 67 and 75 will be able to make non-concessional and salary-sacrificed contributions to their superannuation without the need to pass the work test or satisfy the work test exemption criteria. The removal of the work test from that date also allows people aged under 75 to access the bring-forward […]

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FHSS maximum releasable amount increased

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The maximum amount that individuals can take out of their superannuation under the First Home Super Saver Scheme (FHSS) will be increased to $50,000 for any release requests made on or after 1 July 2022. The scheme was originally envisaged as a tax-effective way for first home buyers to save for a deposit, and the increase […]

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Record-keeping education in lieu of ATO financial penalties

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If you run a small business and are found by the ATO to have made unintentional record-keeping mistakes, you could face having to pay an administrative penalty. However, this could soon change under a proposed new law that would give ATO the power to issue a direction to complete an approved record-keeping education course instead. […]

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