12 Jul, 2022

SMSF Covid Relief measures have now ceased

Trustees of SMSFs should be aware that COVID relief measures that were previously in place have now ended. The relief measures applied for the 2019-20, 2020-21 and 2021-22 years but expired…

12 Jun, 2022

Work test scrapped for super contributions: under 75s

Individuals aged between 67 and 75 will be able to make non-concessional and salary sacrificed contributions without the need to pass the work test or satisfy the work test exemption…

6 Jun, 2022

Get ready for changes to super guarantee

From 1 July 2022, two important super guarantee (SG) changes will apply to your business. These are:- the rate of SG is increasing from 10% to 10.5%; and the $450…

30 May, 2022

Downsizer contributions: Age limit change

More people will soon be able to make up to $300,000 in downsizer contributions into super with the lowering of the age limit to include those 60 years and over…

19 May, 2022

Super guarantee minimum threshold removed

In Australia, it is estimated that around 300,000 young, part-time, mostly female workers currently and legally do not receive super contributions from their employers under the super guarantee scheme. This…

13 May, 2022

Temporary full expensing of assets extended

Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023. The measure was originally introduced…

2 May, 2022

Last chance to claim the loss carry back

Businesses that need a little more financial help will have one last opportunity to claim the loss carry back in their 2021-22 income tax return. To recap, the loss carry…

13 Apr, 2022

SMSFs investing in crypto-assets

According to ASIC, there has been surge of promoters encouraging individuals to set up SMSFs in order to invest in crypto-assets. It warns that crypto-assets are high risk and speculative,…

31 Mar, 2022

Federal Budget – March 2022

PERSONAL TAXATION Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July…

28 Mar, 2022

Tax debts may affect business credit score

The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economic and has led to what many experts term a “two-speed economy”, while some businesses are recovering well,…