Latest News
Maximum Contributions Base for Super Guarantee
The maximum super contributions base is used to determine the limit on any individual employee’s earnings base for superannuation guarantee purposes on a quarterly basis. Employers do not have to provide the minimum quarterly support for earnings above this limit. For the 2022 financial year, the maximum contributions base has increased to $58,920 (up from […]
The ‘Gigs Up’ With A New Sharing Economy Reporting Regime
| | | Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO. This measure was first announced in the 2020 MYEFO (following […]
Reminder Of Superannuation Caps Indexation For 2022
| | | From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or (where the ‘bring […]
Taxable Payments Annual Reports (‘TPARs’) Due 28 August
2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services: building and construction; cleaning; courier, delivery or road freight; information technology (‘IT’); or security, surveillance or investigation. With specific reference to the TPAR due on 28 August 2021, the ATO has reminded taxpayers they may need to […]
Division 7A Benchmark Interest Rate For 2022 Remains Unchanged
| | | The Division 7A benchmark interest rate for the 2022 income year remains unchanged from the 2021 rate of 4.52%.
New FBT Retraining and Reskilling Exemption Available
Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may now be exempt from fringe benefits tax (‘FBT’). The ATO has reminded eligible employers that they can apply the exemption to retraining and reskilling benefits provided on or after 2 October 2020. There are […]
What’s New For Taxpayers
Before you complete your tax return for 2015, there are some changes you should be aware of in case they affect you. Mature age worker tax offset You can no longer claim the Mature age worker tax offset (MAWTO) in your tax return. Previously, to be eligible for the offset you needed to be an […]
Travel between home and work and between workplaces
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. If your travel was partly private and partly for work, you can only claim for the part related to your work. What you can claim You can […]
Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Capital gains tax checklist
The following questions will help you to identify possible capital gains tax (CGT) obligations. If you answer ‘yes’ to any of these questions, CGT may apply. Some questions are intended to highlight the possibility of a capital gain or loss arising in the current year, others to alert you to the possibility of a […]
Tax on Super Contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions […]
Zone Tax Offset – exclude ‘fly-in-fly-out’
In the 2015–16 Federal Budget, the government announced that it will exclude ‘fly-in-fly-out’ and ‘drive-in-drive-out’ (FIFO) workers from the Zone Tax Offset where their normal residence is not within a ‘zone’. Currently, to be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote area for more than 183 […]