ATO tax time priorities
The ATO has announced four key priorities that it will focus on this 2022 tax time.
Family Trust distributions are on the ATO Hit List – What you need to know
The ATO has changed its approach and compliance response, with family trust distributions on the hit list. Earlier this year the ATO released guidelines using ‘risk’ categories for trust distribution arrangements, indicating that the ATO is taking a more aggressive approach to investigating trust income distribution. It is expected that many family groups will pay…
High Court decision has impacts for trust beneficiaries
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.
Disclosure of business tax debts may affect credit rating
The ATO is writing to taxpayers whose credit rating may be affected if their tax debts are disclosed to credit reporting bureaus.
No changes to Private Health Insurance rebate
In a little bit of good news, Australians with private health insurance will NOT see decreases to the Private Health Insurance rebate from 1 April.
Overdue TPAR Penalties
The Taxable payments annual report (TPAR) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
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.
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.