Updates

The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years. Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are

The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001. These temporary relief measures will allow companies to hold virtual meetings and use electronic communications to

The JobMaker Hiring Credit scheme’s third claim period is now open, so if a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business. Eligible businesses

The Division 7A benchmark interest rate for the 2022 income year remains unchanged from the 2021 rate of 4.52%. Ref: ATO website, Division 7A benchmark interest rate, 6 July 2021 DisclaimerThis publication is intended as a general commentary only and

Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption. From 1 July 2021, there have been changes to STP reporting for small

Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may now be exempt from fringe benefits tax (‘FBT’). The ATO has reminded eligible employers that they can apply the exemption

Treasury has released draft legislation introducing the long-awaited third-party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short-term accommodation online platform operators to report transactions they facilitate directly to the ATO.

The maximum super contributions base is used to determine the limit on any individual employee’s earnings base for superannuation guarantee purposes on a quarterly basis. Employers do not have to provide the minimum quarterly support for earnings above this limit.

From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for

2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services: building and construction; cleaning; courier, delivery or road freight; information technology (‘IT’); or security, surveillance or investigation. With specific reference to the