Federal Budget 2022 – Overview

 

The following is a breakdown of the major parts of the Federal Budget delivered last night by the Treasurer, Josh Frydenberg. 

 

Superannuation Guarantee (SG) increases

 

Between the 1st of July 2022 to the 1st of July 2026 there will be five SG increases.

 

Undisclosed income risks hefty asset betterment assessments

The Federal Court are satisfied with asset betterment principles – a controversial approach the Australian Taxation Office (ATO) takes to determine undisclosed income.

How stress and burnout are different, and why the difference is important

It’s helpful to keep the distinction between burnout and stress clear so as not to burden individuals with responsibility for fixing workplace issues that require management attention, writes Dr Karen Morley.

Accountants ‘have important role to play’ in digital transformation

The accounting profession is being encouraged to aid small businesses through their digital transformation journey, with the Morrison government making a $2.8 million commitment to streamline electronic transactions.

ATO launches campaign to target tax withholding on overseas royalties

ATO has embarked on a new campaign to target private wealth groups withholding tax on overseas royalties.

ATO releases new draft guidance products impacting private trusts

The ATO has released a suite of new guidance products that is set to have a major change on family trust distributions and tax arrangements.

Vaccination rates (Dose)

61.4% of the world population has received at least one dose of a COVID-19 vaccine. 10.2 billion doses have been administered globally, and 18.22 million are now administered each day. Only 10% of people in low-income countries have received at least one dose.

Russia/Ukraine: Rising geopolitical risks and portfolio implications

 

Given the enormity of Russia's decision to invade Ukraine, this note provides a short update on the potential market implications.

 

Government urged to address lingering issues with advice reforms

CPA Australia says the legislative reforms under the Better Advice Bill do not meet the intent of Recommendation 7.1 of the Tax Practitioners Board Review and should be included in the Quality of Advice Review.

Countries with highest life expectancy (1800 – 2099)

 

In line with our ongoing theme of videos concerning global trends and statistics, this video looks at life expectancy over two hundred years.

 

Extension of the bring-forward age up to 67

For eligible individuals who make contributions above the annual non-concessional contributions cap, the bring-forward arrangement allows them to access future years caps and make extra non-concessional contributions without having to pay extra tax.