Tax News and Updates May 2022
ATO ramping up debt collection activities After some two years of leniency, the ATO is [...]
Work test scrapped for super contributions: under 75s
From 1 July 2022, people aged between 67 and 75 will be able to make non-concessional [...]
Downsizer contributions: age limit change
To help those nearing retirement boost their super balances, people aged 65 and over can [...]
FHSS maximum releasable amount increased
The maximum amount that individuals can take out of their superannuation under the First Home [...]
Record-keeping education in lieu of ATO financial penalties
If you run a small business and are found by the ATO to have made [...]
Tips in Preparing the 2022 FBT Return
31 March 2022 is an important date in the Tax calendar as it marks the [...]
Temporary full expensing of assets extended
The availability of temporary full expensing of depreciating assets for business has been extended for [...]
Support for flood-ravaged areas
The recent devastating flooding in South East Queensland and parts of New South Wales has [...]
SMSFs investing in crypto-assets: be informed and keep records
According to the Australian Securities and Investments Commission (ASIC), there has recently been a surge [...]
Contributions into SMSFs: minimum standards
There are many compliance obligations for trustees of self managed superannuation funds (SMSFs). One of [...]