We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 18 March 2022.
- Support for flood-ravaged areas – Some immediate financial help is available for those affected by the recent devastating flooding in South East Queensland and parts of New South Wales, including the Disaster Recovery Payment and Disaster Recovery Allowance, and ATO support for flood-impacted small businesses.
- Temporary full expensing of assets extended – Businesses will have another year to utilise the temporary full expensing of depreciating assets measure, now that it’s been extended until 30 June 2023.
- Record-keeping education in lieu of ATO financial penalties – If you run a small business and the ATO finds you’ve made unintentional record-keeping mistakes, you could soon be directed to complete a record-keeping education course instead of paying financial penalties.
- FHSS maximum releasable amount increased – The maximum amount that individuals can take out of their super under the First Home Super Saver Scheme will be increased to $50,000 for release requests from 1 July 2022.
- Downsizer contributions: age limit change – More people will soon be able to make up to $300,000 in downsizer contributions into their superannuation, with the lowering of the age limit to include those aged 60 years and over from 1 July 2022.
- Work test scrapped for super contributions: under 75s – People aged between 67 and 75 will be able to make non-concessional and salary-sacrificed contributions to their super without needing to pass the work test from 1 July 2022.
Click here to download our April Client Alert.