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Single Touch Payroll (STP) was introduced as a way for employers to send super and tax information directly to the ATO through the use of STP-enabled software solutions. STP Phase 2 is now in full swing, having commenced on 1 January 2022. It requires more detail on the amounts reported through STP; for example, salary sacrificed...
Tax time 2023 is fast approaching and as with previous years, the ATO has provided some insights to the areas it will be focusing on consisting of rental property deductions, work-related expenses, and capital gains tax. Specifically, the ATO will be targeting loan interest expenses, working from home deductions, and possible capital gains tax where...
Treasurer, Jim Chalmers’ second Federal Budget handed down last night in the context of an uncertain and volatile global economy, inflationary and cost of living pressures and forecasts of the weakest period of global growth since 2013. The key headlines, in a budget sense, are the expectations for a small surplus ($4.2bn) this financial year,...
On Tuesday 28 February 2023, the Federal Treasurer, Jim Chalmers announced that from 1 July 2025 (if the Labor Government is re-elected), a 30 per cent tax rate will apply to earnings for super balances above $3 million. On 1 March 2023, Treasury released a ‘Better targeted superannuation concessions factsheet’ outlining the changes. What are the changes? From...
The NSW Government has just announced it is launching an initiative to make home ownership more achievable for single parents, older singles and key worker first home buyers. This initiative called the Shared Equity Home Buyer Helper is planned to begin on 23 January 2023 where the NSW Government will for eligible and approved applicants,...
Revenue NSW will begin the process of issuing 2023 Land Tax Notice of Assessments from January 2023 onwards. You will receive them in the post either directly or from us if we act as your land tax agent and postal address. If you prefer to receive these electronically you can now elect to receive them...
On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government. The government delivered a bleak economic outlook, highlighting major challenges, but failed to provide certainty about its future reform priorities. Presumably more clarity will be provided at the next Federal budget at the usual time in...
The Federal Government has introduced a new Bill to exempt from fringe benefits tax (FBT) electric cars made available by employers to employees. The exemption will only apply where the retail price of the car (and the price of other related supplies which might attract luxury car tax) are below the luxury car tax threshold...
From 1 July 2022, two important super guarantee (SG) changes will apply to businesses. These are: The rate of SG is increasing from 10% to 10.50% The $450 per month eligibility threshold for when SG is paid is being removed What this means for you These changes mean that from 1 July 2022: You’ll need...
The Federal Treasurer, the Hon. Josh Frydenberg MP, has delivered the 2022 Federal Budget. We’re pleased to provide you with our 2022/23 Federal Budget Summary. Personal income tax changes Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year,...
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2026 Quantiphy – Eastern Suburbs, Sydney. All Right Reserved. Website By Omni Online
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