Superannuation – BDWelsh & Co

May 2023 Practice Update

May 10, 2023News, Tax Newsagistment business, Electric vehicle, EV, property loan data-matching, SMSF, Superannuation, temporary full expensing

Last chance to claim deductions under temporary full expensing Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023.

2022/23 October Federal Budget

October 28, 2022News, Tax NewsCOVID-19 business grants, Depreciation, Digital Currency, FBT, Federal Budger 2022/2023, Federal Budget, Foreign Investment Framework, fringe benefits tax, October Budget, Off-market share buy-backs, Superannuation, thin capitalisation

On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government.

August 2022 Practice Update

August 15, 2022News, Tax NewsCapital Gains, Corporate beneficiaries, deductions, Discretionary trust, Record keeping, Rental property income, Superannuation

Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties.

June 2022 Practice Update

June 5, 2022News, Tax NewsATO, deductions, GST, Single touch payroll, STP, Super, Superannuation

ATO priorities this tax time The ATO has announced four key areas that it will be focusing on for Tax Time 2022:

December 2021 Practice Update

December 3, 2021News, Practice Update, Tax News'working holiday maker tax, ABN, data matching, Medicare Exemption Statement, Superannuation

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.

October 2021 Practice Update

October 1, 2021News, Practice Update, Tax NewsCovid-19, Leave, Single touch payroll, STP, Superannuation

Extra super step when hiring new employees Employers may soon need to do something extra when a new employee starts to work for them.

The government’s second Coronavirus stimulus package

March 25, 2020News, Tax NewsATO, Australian Taxation Office, Coronavirus, loan, PAYG, Second stimulus package, small and medium business, SME, SME Guarantee Scheme, Stimulus, stimulus package, Superannuation, tax credit, Tax-free payment, Withholding tax

Tax-free payments for small and medium businesses have been increased to $100,000 each. Small and medium businesses will also now have access to cheap government guaranteed loans as part of the government’s $66 billion Coronavirus rescue package. The $100,000 can be used for wage subsidies. However workers who have been stood down or laid…

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