We are pleased to supply you with the latest edition of our Client Alert, which contains information on a number of important taxation developments:

  • Can you prevent a hack? In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack. So, what does that mean for business and their customers?
  • Scams and how to avoid them – The ACCC’s Targeting Scams report states that in 2021, nearly $1.8bn in losses were reported but the real figure is likely to be well over $2bn. What to be aware of?
  • Taxing fame: The ATO’s U-turn – Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed.
  • How high will interest rates go? Low interest rates have been a mainstay since the global financial crisis of 2008. Coming out of COVID, housing market demand was strong and prices boomed but at the same time, supply chains remained restricted and the problems amplified by geo-political tensions increasing input costs. Supply could not keep up with demand to support the recovery, pushing inflation higher and broader than expected for a longer period of time. So where to now?
  • 30 November Director ID deadline – The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation (ATSI) will need a director ID.

Other updates and reminders:

  • ATO Reminder: commercial rent or lease payment changes
  • ATO reminds taxpayers to lodge or appoint tax agent
  • ATO: SMSFs – get professional advice if investing in crypto assets
  • ATO 2021-22 annual report released
  • ABN Registration Regime: Exposure draft legislation released
  • Super: Meaning of “OTE” and “salary or wages” amended
  • ATO: Debts again being offset against tax refunds
  • Crypto asset investments and tax
  • Key quarter lodgement dates for employers
  • SMSF auditor registration fees regulations to be remade
READ MORE

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