In September 2021, the Department of Health released a discussion paper Improving Choice in Residential Aged Care – ACAR Discontinuation.
As of 1 July 2019, new rules were introduced allowing eligible taxpayers to make tax deductible contributions for unused portions of their super concessional contributions caps from prior years.
Crypto has had a big month. First, there was the crypto crash which saw a huge decline in the value of several stable coins…
As business advisers, tax planning is a great opportunity for us to help you be proactive with your business, provide valuable input around your projected earnings and tax position and show you how the business is performing as opposed to how you think it’s performing. This planning can be extremely important for both the short and long term success of your business.
The media release outlined that the ATO has sent more than 80,000 awareness letters regarding outstanding debt. This gives some context to the recommencement of ATO debt collection activities. The ATO’s collection activities were publicly acknowledged in a Senate Economics committee meeting in February 2022.
With the collapse of several businesses in the housing and construction industry recently—due to COVID impacts and supply chain shortages—with more tipped to collapse over the coming months, there has been increased demand for business restructuring information and advice.
A draft ruling was issued in February 2022 where the ATO has targeted common transactions many trustees might have entered into in the past. This ruling seeks to stop commonly used trust distributions to family members.
The ATO is encouraging businesses to take precautions and review their cyber security measures in the wake of increased technological adaption and reports of scams and breaches.
From 1 July 2022, the $450-per-month threshold for super guarantee will be removed. Due to this change, by 1 July 2022, you will also need to ensure that employees who are under 18 years of age who work 30 hours or more per week in your business are paid super.