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 23 September 2022:
Farmers Tax Plan for Harvest:The Harvest is fast approaching and with the continual good rains and commodity prices holding up the income anticipated to generated from this season will be a significant upturn on previous years.It is acknowledged that the input costs are much higher but even given these factors, there could be a huge tax problem this year.
It is very important for you to know how much grain to sell and how much to defer.
There are Tax Strategies to consider while Harvesting:
FMD’s
Production on Super Fund Land
Deferral of Grain
Warehousing Grain
Instant Asset Write Off ends 30 June 2023
Peter Hayes is doing some country trips in the next few weeks and would like to catch up with his clients. Alternatively please call or pop into the office.
Bonus deduction for employee training proposal – The government has proposed a temporary “skills and training boost” initiative giving small businesses access to a bonus 20% deduction on certain employee training.
Crypto reforms: change in consultation approach – Treasury is aiming to identify how cryptocurrency assets and related services should be regulated.
Sale of principal home: extension of exemption – The government intends to extend the assets test exemption under social security for principal home sale proceeds which a person intends to use to purchase a new principal home.
ASIC’s focus on super complaints handling – The regulator has found indicators of significant compliance issues and areas that need to be strengthened.
Compliance with super laws: ATO’s approach – The ATO mainly encourages trustees to comply with the super laws, but there are also occasions when stronger responses are required.
ATO: Current GIC and SIC rates published – The ATO has published the current general interest charge (GIC) rates and information on when GIC applies to late tax payments.
ATO reminder: Certain SARs returns due by 31 October – The ATO has reminded trustees of SMSFs which had assets on 30 June 2022, that they need to lodge an SMSF annual return (SAR) for the 2021–22 financial year.
More Section 100A Green Zone Examples – The ATO has released a paper with five additional examples which they propose to include in the green zone.
Customers warned to watch out for scams following Optus data breach – Optus customers should take immediate steps to secure all of their accounts, particularly their bank and financial accounts.
Director IDs – Directors appointed on or before 31 October 2021, have until 30 November 2022 to apply, we encouraging all directors to apply online now and beat the rush.
Fuel tax credit – rate change as temporary reduction in fuel excise ends – Tomorrow, tax professionals with clients who claim fuel tax credits will receive an email from the ATO to advise them of a rate change due to the end of the temporary reduction to fuel excise duty rates.
Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.
