Super Compliance under ATO Microscope

The ATO is now diligently examining super guarantee (SG) contributions, ensuring not only their completion but also their timeliness. Employers who are late or non-compliant in their contributions are quickly identified and contacted by the ATO. Methods ATO use to detect Late Super Payments One key area of investment has been in enhancing data matching […]

Ace in the Hole: Budget 2023-24

The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. Click here to download your guide to the budget, or read on for a summary. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment […]

Single Touch Payroll (STP) Phase 2 – It’s Time

Single Touch Payroll (STP) reporting was introduced to streamline the way employee payroll information is reported. STP Phase 2 has been rolling out since 1 January 2022. Many major software providers had applied for deferrals to get their software up to date. These blanket deferrals are coming to an end with the majority of providers […]

2022 – 2023 Budget Summary

There’s nothing in the 2022-23 Federal Mini Budget that will create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. With seven months before the 2023-24 Budget released in May 2023, this […]

FBT-free Electric Cars

New legislation announced and currently before Parliament, if enacted, will make zero or low emission vehicles Fringe Benefits Tax (FBT) – free. Why is the Government doing this and how can you access the concessions? Firstly, current Electric Vehicles (EV) represent just under 2% of the country’s national car sales — well behind New Zealand […]

Important: New domain name changes could leave your business at risk!

A new system was introduced to allow shortened domain names. The shorter simpler domain names will end in .au rather than .com.au, .net.au, .org.au, .gov.au or .edu.au. Business owners are being warned they could face an increased risk to their business in cybercrime amid changes to the Australian internet domains changing to .au. The rules […]

Protect Your Family Wealth with up-to-date Wills and Enduring Power of Attorney

Over the last few years, we’ve seen a growing interest in our clients starting to think about their estate planning and the general succession of assets and businesses. We know that estate planning may feel overwhelming, and a problem that always ends up in the ‘For later’ category. But it doesn’t have to be that […]

Section 100A (s100A) – A Closer Look at Trust Distributions by the ATO

In late February of 2022 the ATO released a draft ruling under Section 100A (s100A) in Division 6 of the Income Tax Assessment Act 1936 regarding the treatment of ‘reimbursement agreements’ resulting from trust distributions. Broadly speaking a ‘reimbursement agreement’ is when a beneficiary of a trust (usually a child) is entitled to a distribution […]

Tax Alert – Superannuation Guarantee Increase & Removal of the monthly $450 income threshold

Superannuation Guarantee increase from 1 July 2022 The Australian Taxation Office (ATO) has recently reminded taxpayers of the scheduled increase to the superannuation guarantee (SG) percentage, while some superannuation limits remain the same. From 1 July 2022, Australians will be contributing more into their superannuation fund as the SG percentage will increase from 10.0% to […]

Federal Budget 2022/23

Federal budget

1. Personal income tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 […]