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.

‘Shot across the bow’: ATO puts professional firm profit allocations on notice

Accountants and business leaders who hold equity positions in their firms and split profits between personal income and associated entities, have been urged to consider whether the arrangements put them in the path of the ATO.

6 tips for small business success in 2022

 

Since the arrival of COVID-19, small businesses have been faced with challenges but there are opportunities to pivot and survive.  Here are 6 tips to help.

 

Extension in minimum drawdown rates

The temporary reduction in superannuation minimum drawdown rates (due to covid impact on earnings)has been extended to 30 June 2022.

ATO releases new guidelines to combat identity theft.

ATO and the Tax Practitioners Board have developed new client verification guidelines for tax practitioners, with criminals using increasingly sophisticated attempts to steal taxpayer identities.

 

State and Federal COVID-19 support — February – 2022

The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.

ATO reiterates tax system incentives

 

ATO second commissioner Jeremy Hirschhorn has outlined the Tax Office’s commitment to ensuring a business-led recovery continues in the Australian market in the 2022 calendar year.

 

Single Touch Payroll (STP) – Phase 2

 

Single Touch Payroll will be expanded from 1st January 2022, with additional requirements.

 

Increase in the number of SMSF members

 

On 1 July 2021, the maximum number of allowable members within an SMSF increased from four people to six people.

 

10 top global corporations since 1998

 

A very interesting, graphical, summary of the monsters of our global economy.  Fascinating stuff!!

 

Unpaid client invoices placing greater pressure on SMEs

 

The number of SMEs struggling due to late payments is still being felt, according to new research.

 

ATO provides further clarity on DIN process

 

The ATO and the SMSF Association have clarified some of the areas of confusion with respect to the director identification number process and outlined some of the ATO’s longer-term plans.