We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 20 August 2021:
- Single Touch Payroll update – From 1 January 2022, most employers will be required to send additional information through STP as part of Phase 2 of the rollout.
- Tax time 2021: rental property pitfalls – The ATO is again closely monitoring tax deduction claims in relation to rental properties.
- New sharing economy reporting regime proposed – The government is seeking to legislate compulsory reporting for sharing economy platforms to more easily monitor tax compliance and reduce the need for ATO resources.
- Reminder: super changes for the 2021 financial year – Individuals aged 65 and 66 can now access the bring-forward arrangement for non-concessional super contributions, the excess contributions charge is removed, and individuals can now recontribute a COVID-19 super early release amount without hitting their non-concessional cap.
Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.