Business – 2022 Changes & Actions

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DateChanges and actions
21 May 2022 FBT return and payments due if applicable unless lodging electronically through a
tax agent
25 June 2022 FBT return and payments due if lodging electronically through a tax agentt
Pre-30 June 2022 Review shareholder loan accounts and make minimum loan repayments (may
need to declare dividends).
 Pay superannuation to deduct contributions in the current financial year
 Complete a stocktake where required (see Do you need to do a stocktake?)
 Write-off bad debts and scrap any obsolete stock or plant and equipment
 Ensure any inter-entity management fees have been raised
30 June 2022 Last day of the 50% boosting apprenticeship wage subsidy
1 July 2022 Super guarantee rate increases to 10.5%
 $450 super guarantee threshold removed
 GST and PAYG uplift factors reduced to lower Instalment amounts
 New ATO approach for unpaid trust distributions owed to corporate beneficiaries
14 July 2022 Single touch payroll finalisation declarations need to be made (extensions can apply for closely held employees)
28 July 2022 Quarterly super guarantee payment due (1 April – 30 June)
28 August 2022 Taxable payments annual reports for payments to contractors due
28 September 2022 Temporary 50% reduction in fuel excise ends
30 November 2022 Last day for pre-existing company directors that became a director on or before 31 October 2021 to acquire a Director Identification Number (30 November 2023
for directors of corporations under CATSI)
1 January 2023 Penalties will apply for phase 2 single touch payroll errors
30 June 2023 Temporary full expensing for depreciating assets scheduled to conclude
1 July 2023 Super guarantee rate increase to 11%

The material and contents provided in this article are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.