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The RBA lifted the cash rate to 1.85% in early August 2022. The increase comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that “…we’re going through a process now of steadily increasing interest rates, and there’s more of that to come. We’ve got to move away from […]

Information for registered agents about preparing and lodging tax statements and returns due in August 2022. 14 August Lodge PAYG withholding payment summary annual report for:   large withholders whose annual withholding is greater than $1 million payers who have no tax agent or BAS agent involved in preparing the report. 21 August Lodge and pay July 2022

Parliament is back and the election promises have started taking tangible form. Electric cars will be exempt from FBT under a new Bill before Parliament. We explore the details. Plus, what changed between the draft and final determination on Division 7A and unpaid present entitlements to a corporate beneficiary? We look at the detail of

21 July Lodge and pay June 2022 monthly business activity statement. Lodge and pay quarter 4, 2021–22 PAYG instalment activity statement for head companies of consolidated groups. 28 July Lodge and pay quarter 4, 2021–22 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 4, 2021–22 instalment notice (form R, S or T). Lodge

From the Regulators Section 100A guidance for the 2022 income year Following the release of guidance earlier in the year concerning the trust distribution integrity rules in section 100A the ATO has provided some further comments on how it will be approaching section 100A in relation to the 2022 income year. While the ATO had

A Reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5% $450 super guarantee threshold removed for employees aged 18 and over Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered) ATO

5 June Lodge tax return for all entities with a lodgment due date of 15 May 2022 if the tax return is not required earlier and both of the following criteria are met:   non-taxable or a credit assessment in latest year lodged non-taxable or receiving a credit assessment in the current year. Note: This includes companies

What now post-election? What happens to the Budget initiatives yet to be enacted and the future of tax reform? And, after an ‘interesting’ few years for business – floods, fire, COVID-19 – we look at how the ATO is making it easier to utilise business losses. Plus, heading into the new tax season, the ATO

 The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. In general,