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Budget October 2022: sign of the times

In his first Budget, Treasurer Jim Chalmers used the opportunity to update the shifting economic sands and reset spending priorities to align with the new government’s policy agenda.

A Will to give

As baby boomers shift into retirement, Australia is on the brink of the nation’s biggest ever intergenerational wealth transfer. Yet estate or inheritance planning is rarely discussed by families.

New QLD Land Tax rules – Now dumped

Queensland Premier Annastacia Palaszczuk has announced that its controversial land tax, which was to be calculated taking into account the total value of an owner’s Australia-wide land holdings, is to be dumped.

Help for first home owners

The First Home Super Saver Scheme (FHSS) provides an opportunity for Australians to increase their savings towards buying their first home. In a time of high housing prices, could this be for you?

ATO’s Four Priorities for 2022

The ATO has announced the four areas that will be its focus of attention this tax season.

New Reporting Requirement For Not-For-Profits

From 1 July 2023, non-charitable not-for-profits with active ABNs will be required to lodge an annual self-review to access income tax exemption.

Postal Address Change

As a result of the closing of the Blackburn post office, our new post office box is PO Box 1088, Blackburn North, Victoria, 3130.

Fringe Benefits Tax Exemption: The Latest Electric Car Incentive

The government's proposed Treasury Laws Amendment (Electric Car Discount) Bill 2022 provides for an FBT exemption for employer-provided cars that are classified as zero or low emission vehicles.

Superannuation guarantee increase to 10.5% from 1st July

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.

Work-test repeal – enabling those under 75 to contribute to super

From 1 July 2022, the work-test has been scrapped and individuals aged younger than 75 years will be able to make or receive non-concessional contributions or salary sacrifice superannuation contributions.

Fringe Benefits and religious practitioners – new ATO examples

The ATO has recently added some new examples on its website to help explain the requirements for exempt fringe benefits provided to religious practitioners.

Additional guidance from the ATO on cryptocurrency

The ATO has released some further high-level guidance on the tax treatment of cryptocurrency which might be useful in determining the tax outcome for clients who are involved in cryptocurrency transactions.