CRYPTOCURRENCY IN THE ATO SPOTLIGHT The ATO has specified that gains from cryptocurrency are an area of focus again this year. For SMSFs however, managing cryptocurrency is not simply an…
DateChanges and actionsPre 30 June 2022 Ensure that contributions are made and received by 30 June. Ifcontributions are by EFT, ensure that the contribution is recognised in thefund’s bank account…
DateChanges and actionsPre 30 June 2022 Trustee resolutions need to be in place to be able to distribute trust income forthe 2021-22 financial year to beneficiaries (at the latest). Ensure…
DateChanges and actions1 July 2021 Work related COVID-19 test expenses tax deductiblePre-30 June 2022 Pay superannuation to deduct contributions in the current financial year ATO recommences offsetting tax refunds or…
BUSINESS DateChanges and actions21 May 2022 FBT return and payments due if applicable unless lodging electronically through atax agent25 June 2022 FBT return and payments due if lodging electronically through…
The Australian Labor Party (ALP) has won the 2022 Australian federal election and has been elected to form government in the House of Representatives. It is unclear at the time…
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee…
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022…
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will…
With a Federal Election due in the next 8 weeks, the Morrison Government has just made its bid for re-election with the following headline announcements in its Federal Budget released…