ATO Updates

Super guarantee increases to 11%

By Wen Wen / August 1, 2023

The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher SG rate of 11%?  SG […]

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ATO’s 2022-23 Tax Guide: Maximizing Your Deductions

By Wen Wen / June 6, 2023

Maximizing claims and avoiding audits With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT).  To maximise your claims in this area and protect yourself from ATO audits and adjustments, be […]

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The ATO releases final guidance on section 100a

ATO Finalises Section 100A Guidance For Family Trusts

By Karyn Clarke / February 21, 2023

The ATO releases final guidance on Section 100A for family trusts The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR 2022/4 and PCG 2022/2. In doing so, it has clarified a number of issues which is welcome. To recap, the ATO in February 2022 updated […]

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Reduction In Downsizer Eligibility Age

By Wen Wen / February 14, 2023

The eligibility age for downsizer contributions reduced from 60 to 55 years from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your family home to your superannuation outside of your standard contribution caps. Downsizer contributions From 1 January 2023, if you’re aged […]

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Missed The Director ID Deadline?

By Wen Wen / February 6, 2023

Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply! The ATO says it will take a reasonable approach with directors who are trying to do the right thing. Importantly, directors who need additional time to apply (beyond 14 December 2022), can request an extension of […]

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Revised Working From Home Methods For 2022-23

By Wen Wen / November 15, 2022

From 1 July 2022, the methods for claiming working from home expenses have changed. The 80 cents per hour COVID-19 shortcut method is not available from 1 July 2022. The ATO has published Draft PCG 2022/D4 Claiming a deduction for additional running expenses incurred while working from home – ATO compliance approach which outlines its […]

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