On 1 July, 2018, the downsizer contribution was introduced. This allows eligible individuals to contribute up to $300,000 from the proceeds of the sale of their home, without impacting contribution caps. As part of the 2021-22 federal Budget, the Treasurer announced that they will reduce the eligibility age for downsizer contributions from 65 to 60 […]
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Super Guarantee Changes
As part of the 2021-22 federal Budget, the Treasurer announced that they will remove the $450 per month threshold on superannuation guarantee eligibility. This was given royal assent last month and passed into law. From 1 July, 2022, employers will be obliged to make superannuation guarantee payments to employees who earn less than $450 per […]
Tax Tips for Cryptocurrency
More and more people have begun to invest in cryptocurrency, but aren’t really sure of the tax implications of their investment. According to the ATO, if you have exchanged cryptocurrency for goods, cash or other cryptocurrencies, this is considered to be a disposal for the purposes of capital gains tax and you may need to […]
STP Phase 2
Just as we have become accustomed to Single Touch Payroll, STP is being expanded from January 1 2022. Digital Service Providers are able to apply for deferrals meaning that you may not have to comply until January 1 2023. Your digital service provider will advise how and when to make the changes. If your solution […]
Directors ID Compliance
Legislation has been enacted, introducing the requirement for all Australian Directors to obtain a director identification number, known as the Director ID. This measure is to further the fight to crackdown on fraudulent activity such as phoenixing. If you’re the director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait […]
Superannuation Caps
From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., nondeductible) contributions cap for the 2022 financial year is now $110,000 or (where the ‘bring forward’ rules are applicable) […]
