ATO: Disclosure of business debts
October 13, 2022
The ATO is currently writing to 8,500 businesses with active ABN whose tax debt meets the criteria for disclosure. This includes companies, partnerships, trusts and sole traders. Agents may...
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ATO’s tax guide on market valuation
October 7, 2022
The ATO released its updated online guide Market valuation for tax purposes. The purpose of the guide is to assist taxpayers in understanding the Commissioner's general expectations on mar...
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ATO updates its crypto tax guide
October 7, 2022
The ATO has released its updated guide Crypto asset investments and tax. It provides guidance and examples on managing tax obligations and responsibilities when buying, selling or investin...
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TLA Bill (No. 2) 2022 introduced
August 11, 2022
The Treasury Laws Amendment (2022 Measures No 2) Bill 2022 was introduced in the House of Representatives. The Bill proposes to implement the following previously announced measures:
S...
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Is your system updated for the latest SG changes?
August 11, 2022
The ATO reminds employers to ensure their payroll systems correctly calculate new super guarantee (SG) entitlements from 1 July.
As of 1 July 2022, the $450-per-month SG eligibility thre...
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Land tax changes in Queensland
August 11, 2022
Queensland has introduced land tax amendments that will consider the value of all land owned in Australia when determining land tax liability in Queensland. From 30 June 2023, landholder...
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Division 7A benchmark interest rate updated for 2023FY
July 21, 2022
The ATO have published its 2023 benchmark interest rate at 4.77% and have updated their Division 7A rate calculator and decision tool for 2022–23. The tool can help you determine the ef...
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Thresholds for charities increase from 1 July 2022
July 7, 2022
The thresholds for small charity and medium charity thresholds increase from 1 July 2022. The annual revenue threshold for small charities will increase from $250,000 to $500,000 annual r...
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Reasonable travel and overtime meal allowance amounts for 2022–2023
July 7, 2022
The ATO released Taxation Determination TD 2022/10, applying from 1 July 2022, setting out the amounts it will treat as reasonable for 2022–2023 in relation to employee claims for:
ov...
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78 cents per kilometre rate for 2022–2023
June 30, 2022
The ATO has set the rate of work-related car expense deductions at 78 cents per kilometre for 2022–2023 (up from 72 c/km). Income Tax Assessment – Cents per Kilometre Deduction Rate fo...
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