superannuation guarantee

2023–24 Federal Budget Summary

May 15, 2023News, Tax Newsanti-avoidance rule, BEPS Pillar 2, Electric Car Discount, FBT, Federal Budget, managed investment trust, MIT, PAYG, Petroleum Resources Rent Tax, PRRT, quarterly tax instalments, Small business instant asset write-off, superannuation guarantee, Withholding tax

The Federal Treasurer, Dr Jim Chalmers, handed down the 2023–24 Federal Budget at 7:30 pm (AEST) on 9 May 2023. The following is a summary of the key tax reforms.

April 2023 Practice Update

April 6, 2023News, Tax NewsElectric Vehicle FBT Exemption, FBT exemption, SG, superannuation guarantee

New 15% super tax to apply from 1 July 2025 The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).

April 2022 Practice Update

April 18, 2022News, Tax NewsCOVID-19 re-contribution, Federal Budget, Fuel Excise, JobMaker, Low and Middle Income Tax Offset, superannuation guarantee, Taxable payments annual report, TPAR, work-related COVID-19 tests

2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset which reduces an individual taxpayer’s…

July 2020 Practice Update

July 29, 2020News, Practice Updatecomplying loan agreements, DIVISION 7A RELIEF, instant asset write-off, superannuation guarantee, TESTAMENTARY TRUSTS, TREASURY LAWS AMENDMENT

TREASURY LAWS AMENDMENT (2020 MEASURES NO 3) BILL 2020 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament and is now law. EXTENDING THE INSTANT ASSET WRITE-OFF This legislation amends the income tax law to allow a business with an aggregated turnover for the income year of less than…

December 2019 Practice Update

December 2, 2019Practice UpdateABN, ATO, AUSKey, CGT main residence exemption, deductions for payments to workers, PAYG, SMSF, STP, superannuation guarantee, Transitional rules

PAYG and deductions for payments to workers The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019.