ATO Updates
Super guarantee increases to 11%
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
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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ATO Finalises Section 100A Guidance For Family Trusts
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
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?
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
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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