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 21 June 2022.

  • Tax time 2022: businesses get ready – As the end of another tax year approaches, the ATO is reminding businesses to consider their end-of-financial year options for deductions and concessions, and make sure their records are in order.
  • ATO guidance update: debt relief and waivers – The ATO has recently updated guidance on non-pursuit of debt and its ability to release individual taxpayers from certain tax-related liabilities.
  • What might the Federal Government’s proposed electric car discounts mean for taxpayers? – Under the current statutory formula for valuing car fringe benefits, electric cars are arguably at a disadvantage compared to fossil fuel-consuming cars, but this may soon change.
  • Tax benefits for unused “carry forward” concessional superannuation contributions – From 1 July 2019, new rules were introduced that allow eligible taxpayers to claim tax deductions for the unused portion of their super concessional contributions caps from prior years.
  • Personal super deductions: remember the notice of intent – A personal contribution is one of the easiest ways to grow super and get a tax deduction at the same time, but certain factors need to be considered, including eligibility requirements, contribution caps and giving the required notice in time.
  • Short-cut method. Gone but maybe not forgotten – The 80c short-cut method for claiming working form home deductions has ended.
  • Cents per km rate for car expenses for 2022-23 – The rate for work-related car expenses has been registered.
  • What changed on 1 July? – A reminder for businesses and individuals.
  • Director IDs –  The deadline for applying for director IDs is fast approaching.
  • Regional Investment Corporation – There are loans available for farmers at a Concessional Interest Rate.

 


 

Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.

Yours sincerely,
The Team at PHA