Super pension drawdown reduction extended
The temporary 50% reduction in minimum annual payment amounts for superannuation pensions and annuities has been extended by a further year to 30 June 2023. This temporary measure was first introduced by the government in response to the COVID-19 pandemic causing significant losses in financial markets, which negatively impacted account balances of super and pension/annuity …
Reminder: keep whistleblower policies updated
The whistleblower protection regime was introduced in 2019, and required large proprietary companies, public companies as well as corporate trustees of registrable super entities to have specific policies that outline the legislated protections for whistleblowers under the Corporations Act and how misconduct can be reported. While it is obvious what public companies and corporate trustees …
Budget 2022: what’s in it for you?
With all the media coverage of the Budget 2022, you will no doubt have heard about the “cash splash” spending spree that the government has gone on to win votes in the upcoming federal election. But what’s really there for individual taxpayers to combat the cost-of-living increases caused by inflation? Firstly, the $420 for individuals …
Budget 2022: what’s in it for businesses
On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget, his 4th Budget. In an election Budget, the Treasurer announced a range of measures aimed at small businesses and individuals. Since the Mid-Year Economic and Fiscal Outlook (MYEFO) in December 2021, the government noted that the underlying cash balance has improved …
Div 7A and financial accommodation
The ATO has recently released a significant draft ruling around Div 7A, which operates to ensure that private companies cannot make tax-free distributions of profits to shareholders or their associates in the form of payments, loans, or forgiven debts. Generally, a private company is taken to have paid an unfranked dividend in the income year …
Get ready for FBT time
The end of the FBT year is approaching once again. Employers who have provided their employees with fringe benefits any time during the 2022 FBT year – 1 April 2021 to 31 March 2022 – will need to lodge a FBT return and pay any liability by 23 May 2022. As an employer, you may …
Super guarantee minimum threshold removed
Low-income employees should rejoice that the minimum threshold at which an employer has to pay super under the super guarantee scheme will no longer apply from 1 July 2022. Under the current scheme all employers must pay a minimum level of super contributions on behalf of their employees, but only if each individual employee makes …
AAT to get more powers to help small businesses
The AAT may soon be given more powers to help small businesses if a proposed Bill passes Parliament before the Federal election is called. The Bill, which is currently before the House of Representatives, seeks to enable small business entities to apply to the Small Business Taxation Division of the AAT for an order staying …
Downsizer contributions: Age limit change
To help those nearing retirement boost their super balances, those aged 65 and over are able to make downsizer contribution of up to $300,000 from the proceeds of the sale of their home. This measure was originally envisaged as a way to encourage older people get into more suitable homes as well as increase the …