On 23 February 2022, the Australian Taxation Office issued a Draft Taxation Ruling which is likely to have a significant impact on the taxation treatment of income distributions from trusts. Specifically, the draft ruling provides the Commissioner’s position on the application of Section 100A, an anti-avoidance provision first announced as a new measure in 1978
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Topics covered in this edition of our Client Information Bulletin are: Small business updates COVID-19, FBT, RATs and other acronyms! Do you employ working holiday makers? JobMaker Hiring Credit Do you have your Director identification number? Protect your business from cyber scams What’s in the pipeline Key tax dates Click here to DOWNLOAD CIB –
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At Blaze Acumen, we value the health and safety of both our clients and staff members. Therefore, observing Government health orders, we are now required to sight proof of vaccination via the Services Victoria phone app or a certified medical exemption to be permitted to visit our office. If you are unable to visit our
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Topics covered in this edition of our Client Information Bulletin are: Director identification number Single Touch Payroll Phase 2 – starts January 2022 Making a jobmaker Hiring Credit Claim Fuel tax credits: Getting your claim right Small businesses tax concessions: The aggregated turnover test Are you operating your business through a ‘family trust’? Superannuation guarantee
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This article is relevant for clients with a Self-Managed Superannuation Fund Last year we raised with you several areas receiving greater auditor focus and ATO scrutiny. Refer Client Alert No.71: 2020 SMSF Compliance Renewed auditor focus and ATO scrutiny These issues continue to face close scrutiny, in particular the guidelines for valuing assets, which we explore
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As part of the government’s Modernising Business Registers Program, from 1 November 2021, all directors will need to apply for a Director ID (formerly referred to as Director Identification Numbers or DINs). You will be issued with one Director ID that will link across all director positions and you will hold this number for life.
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This article is relevant for employers meeting Superannuation guarantee requirements Key points From 1 July 2021 the SG contribution rate for all employers increased to 10% (up from 9.5%). The first contribution of 10% (for the quarter ended 30 September 2021) must be paid by 28 October 2021 – so there is still time to
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On 30 September 2021, the Victorian Government announced a package of grants for the next six weeks, to be jointly funded by the Commonwealth and Victorian Governments. The grants comprise extensions and ‘top-ups’ of existing grant categories that have previously been provided, including the Licensed Hospitality Venue Fund. Further details of the grants can be
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This Client Alert is relevant to Clients with superannuation Indexation of Contribution caps Restrictions limit the amount that can be contributed to super, referred to as the contribution cap limits. As of 1 July 2021, the superannuation concessional and non-concessional contribution caps have been indexed. The new caps are: The total superannuation balance
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The Government has released draft legislation implementing tax and regulatory reforms for employee share schemes (ESS), making it easier for businesses to offer ESS. These changes were foreshadowed in the 2021-2022 Federal Budget. Tax changes Under the current legislation, tax-deferred ESS schemes allows an employee to defer paying tax in relation to their ESS interests
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