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.
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.
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.
Super and SMSF changes and what you need to know
Multiple changes to superannuation legislation are now in place and the ATO has put Trustees of SMSFs on notice in relation to record keeping. If you are unsure of your obligations, it’s important to seek advice.
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…
Permanent changes to AGMs and electronic communications
A Bill recently introduced into Parliament permanently allows companies to use technology to meet their regulatory requirements, and ensure that companies can continue to meet their obligations amid the uncertainty of the COVID‑19 pandemic.
Superannuation Guarantee obligations for September 2021 quarter
Under the Superannuation Guarantee (SG) scheme, employers are required to make quarterly contributions on behalf of their employees, and the due date for the September 2021 quarter is 28 October 2021.