Trust 2022 – What’s New

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THE ATO’s AGGRESSIVE STANCE ON TRUSTS AND TRUST DISTRIBUTIONS The ATO has released a package of new guidance material that directly targets how trusts distribute income. Many family groups will…

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The family home & Tax!

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Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital…

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What changed on 1 July?

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A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5%$450 super guarantee threshold removed for employees aged 18 and overSmall business GST and PAYG tax…

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Areas of ATO Scrutiny 2022 – What’s New

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AREAS OF ATO SCRUTINY CRYPTOCURRENCY IN THE HEADLINES The ATO has been very active lately trying to dispel myths about how cryptocurrency is taxed. Determining the tax treatment of cryptocurrency…

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Individuals 2022 – What’s New

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TAX OFFSETS AND RELIEF FOR LOW AND MIDDLE INCOME EARNERS The Low and Middle Income Tax Offset (LMITO) has increased for the 2021-22 income year. The LMITO provides a tax…

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Business 2022 – What’s New

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CONTRACTOR OR EMPLOYEE? Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However,…

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