EOFY Countdown – Are You Tax Ready?
Uncapped immediate write-off for depreciable assets Businesses with an aggregated turnover below $5B can claim an immediate deduction for the business portion of eligible new depreciating assets. In order to claim the full write off in this income year, the assets acquired must be first used or installed ready for use by 30 June 2022. […]
End of Financial Year Super Checklist
Concessional contribution cap – before tax deductions Concessional contributions consist of: member concessional contributions that are deducted against your income (Sec 290-170 notice) employer super guarantee contribution obligations and/or salary sacrifice arrangement paid by your employer. You can contribute up to $27,500 per person for the year ended 30 June 2022. Concessional super contributions are […]
Federal Budget Update 2022-23
An important measure leaked before budget night was the long overdue bringing of employee share schemes in line with overseas players. There was a surprise tax boost to SMEs to incentivise training staff and investing in digital technology. This is now the 3rd Federal Budget in 18 months. If there’s a change of Government in the […]
Break The Bias – Leaving a Legacy for Blended Families
In recent years as families are becoming increasingly “blended” with new families being formed due to separation, divorce or death of a partner, the courts are taking a tougher approach to the growing number of inheritance disputes over assets in self-managed super funds. This is creating new issues for Will-makers, trustees, and beneficiaries. Women today […]
Division 7A and Sub-Trust Arrangements
Division 7A – Sub-trust Arrangements Draft Taxation Determination TD 2022/D1 The tax determination (“TD”) deals with trust distributions made to corporate beneficiaries that are not paid ie. UPEs. Trust distributions are commonly made to corporate beneficiaries in order to cap the tax rate on the distributions to the corporate tax rate. However, where the distribution […]
Long-awaited draft guidance on Section 100A
Tax avoidance via trust distributions – ATO guidance on s100A reimbursement agreements Draft Taxation Ruling TR 2022/D1 & Draft Practical Compliance Guideline PCG 2022/D1 S100A is an anti-avoidance provision within the tax legislation which targets trust distributions exhibiting the characteristics outlined below. It has not been widely used by the ATO to date but these […]
