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What’s changing on 1 July 2022?
By WSC Group | Created on May 11, 2022
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up
News
ATO ramps up heat on directors
By WSC Group | Created on May 11, 2022
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored.
News
Fuel tax credit changes
By WSC Group | Created on May 11, 2022
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel, and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.
News
The 120% deduction for skills training and technology costs
By WSC Group | Created on May 11, 2022
Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.
News
Can I claim a tax deduction for my gym membership?
By WSC Group | Created on May 11, 2022
There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people.
No reduction in the Private Health Insurance rebate as of 1 April 2022
By WSC Group | Created on May 3, 2022
An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.
High Court rejects attempt to disclaim interest in trust distribution
By WSC Group | Created on May 3, 2022
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.
Disclosure of business tax debts
By WSC Group | Created on May 3, 2022
The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’).
Don’t Rock The Boat’ Budget 2022-23
By WSC Group | Created on April 6, 2022
This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.
Penalties for overdue TPAR
By WSC Group | Created on April 5, 2022
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
