ATO

Changes to Super

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From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30… Read More »Changes to Super

First Home Super Saver Scheme – increasing the maximum releasable amount to $50,000 and technical amendments

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On 11 May 2021, as part of the 2021–22 Federal Budget, the Australian Government announced it will make changes to the First Home Super Saver (FHSS) scheme to increase the contributions that can be counted towards the maximum releasable amount to $50,000 and improve the operation of the scheme. Increase the… Read More »First Home Super Saver Scheme – increasing the maximum releasable amount to $50,000 and technical amendments

Tax treatment of non-fungible tokens

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The tax treatment of non-fungible tokens follows the same principles as cryptocurrencies. A non-fungible token (NFT) is a unit of data stored on a digital ledger. NFTs are unique and therefore are not interchangeable. You can use an NFT to represent an ownership interest in any tangible or intangible asset,… Read More »Tax treatment of non-fungible tokens

Re-contribution of COVID-19 early release super amounts

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From 1 July 2021, super fund members can re-contribute amounts they withdrew under the COVID-19 early release of super program without those contributions counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. COVID-19 re-contribution amounts are not a new type… Read More »Re-contribution of COVID-19 early release super amounts

ATO warns on ‘copy/pasting’ claims

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The Australian Taxation Office (ATO) is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns. Overall, around 8.5 million Australians claimed nearly $19.4 billion in work-related expenses in their 2020 tax returns. Assistant Commissioner Tim Loh… Read More »ATO warns on ‘copy/pasting’ claims

Working from the kitchen bench? Here’s how you sort your tax

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The Australian Taxation Office (ATO) is reminding the community that the temporary shortcut method is available to those claiming working from home deductions this year. The temporary shortcut method was created at the height of the pandemic last year to respond to the sudden influx of makeshift home workspaces. Assistant… Read More »Working from the kitchen bench? Here’s how you sort your tax

Temporary full expensing

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Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of eligible new depreciating assets. Corporate tax entities unable to meet the $5 billion turnover test may still be eligible for temporary full expensing under the alternative income test. The eligible… Read More »Temporary full expensing

SMSF sector continues to grow

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The ATO have released the 11th edition of our annual statistical overview on self-managed super funds (SMSFs). The overview provides key statistics and analysis of Australia’s SMSF sector for the 2018–19 financial year, with the main source of data coming from SMSF annual returns. Also included is 2019–20 financial year… Read More »SMSF sector continues to grow

Appoint an SMSF auditor

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You must appoint an approved SMSF auditor to audit your fund each year, not later than 45 days before you need to lodge your SMSF annual return (SAR). The auditor examines your fund’s financial statements and assesses your fund’s compliance with super law. Your SMSF auditor must be: registered with ASICExternal Link –… Read More »Appoint an SMSF auditor