ALL ENQUIRIES Ph: 07 3208 2122

Tax Updates

(Please click on link to see full update)

 

April 2022 Practice Update - Cents per kilometre deduction for car expenses – 2023 income year

The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be 75 cents per kilometre...


March 2022 Practice Update - Tax deductibility of COVID-19 test expenses

After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:
❑ tax-deductible; and
❑ exempt from FBT...


January/February 2022 Practice Update - COVID-19 vaccination incentives and rewards

The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination...


 

December 2021 Practice Update - Super is now following new employees

The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules. If a new employee does not choose a super fund, most employers will need to request the employee's 'stapled super fund' details from the ATO to avoid penalties...


November 2021 Practice Update - Preparing for the new Director ID regime

As part of its Digital Business Plan, the Government announced the full implementation of the 'Modernising Business Registers' program.
This included recently enacted legislation introducing the new director identification number ('Director ID') regime. The director ID is a unique identifier that a director will need to apply for once and will keep forever...


October 2021 Practice Update - Extra super step when hiring new employees

From 1 November 2021, if a new employee does not choose a specific fund, their employer may need to request the employee’s ‘stapled super fund’ details from the ATO...


September 2021 Practice Update - ATO wars property investors about common tax traps

In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money...


August 2021 Practice Update - Maximum contributions base for super guarantee

For the 2022 financial year, the maximum contributions base has increased to $58,920 (up from $57,090)...


July 2021 Practice Update - Rent or lease payment changes due to COVID-19

The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such as waivers or deferrals of rent) as a result of COVID-19...