COVID Early Release Super: Re-contributions
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.
JobMaker Year 2: adjusting baseline headcount
If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted baseline headcount for the claim.
Car Expenses: 2023 cents per kilometre increase
The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be increased to 75 cents per kilometre.
Reminder: March 2022 Super Guarantee
Employers are reminded that their Superannuation Guarantee obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022.
Penalties for small employers failing to commence STP reporting
Small employers are on notice as the ATO gets serious about Single Touch Payroll (STP) reporting.
12-month extension for loss carry-back measure
Eligible companies have a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
New shield against debt recovery proposed for small business
The proposed new law aims to help small businesses involved in disputes or debt recovery actions with the ATO.
Payment extension relating to JobKeeper objections
The JobKeeper rules have been amended to ensure the ATO can make payments to certain taxpayers after 31 March 2022.
Tax considerations for COVID-19 vaccination incentives and rewards
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave for employees to get their COVID-19 vaccination (or additional paid leave to recover from any vaccination side effects), employers should…
SME Recovery Loan Scheme extended
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic.