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ATO Prioritising Debt Collection

As the economy emerges from COVID-19, the ATO is re-focusing on debt collection During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection action to help and assist businesses and the community experiencing financial challenges because of the pandemic. It took a softly-softly approach, acknowledging the financial hardship that the virus …

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Super Guarantee Rises to 10.5%

Who is entitled for the 10.5% increase? The increase to the superannuation guarantee (SG) rate from 1 July 2022 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 2022 – will employees be entitled to …

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Taxation On Foreign Income

Resident taxpayers are subject to income tax on income derived in Australia and overseas When Australian residents derive foreign income, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income tax offset is allowed (up to a limit) for any tax paid overseas. This mitigates …

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