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Labor Commits to Income Tax Cuts and Certainty on Negative Gearing

The ALP has formally announced that, if elected to Government, they will deliver "the same legislated tax relief . . . as the Morrison Government".

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Reminder of SG Obligations for September 2021 Quarter

Under the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees.

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Additional ATO Support During COVID-19

The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees because of COVID-19.

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ATO Support for Employers with Expansion of STP

As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports including:

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Paid Parental Leave Changes Support Parents in Lockdown

The Paid Parental Leave (‘PPL’) scheme has been amended to enable expectant parents whose work has been affected by COVID-19 lockdowns to access Parental Leave Pay or Dad and Partner Pay under the scheme.

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Extra Super Step When Hiring New Employees

Employers may soon need to do something extra when a new employee starts to work for them.

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Travel allowances and 'LAFHAs'

The ATO has released a Ruling explaining:

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ATO Warns Property Investors about Common Tax Traps

In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money.

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Time running out to register for the JobMaker Hiring Credit

The JobMaker Hiring Credit scheme's third claim period is now open, so if a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business.

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Div.293 Concessional Contribution Assessments have been Issued

The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years.

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Extending Administrative Relief for Companies to Use Technology

The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001.

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Expansion of Support for SMEs to Access Funding

The Government is providing additional support to small and medium sized businesses ('SMEs') by expanding eligibility for the SME Recovery Loan Scheme.

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The ‘Gigs Up’ With a New Sharing Economy Reporting Regime

Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022).

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New FBT Retraining and Reskilling Exemption Available

Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may now be exempt from fringe benefits tax (‘FBT’).

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Maximum Contributions Base For Super Guarantee

The maximum super contributions base is used to determine the limit on any individual employee's earnings base for superannuation guarantee purposes on a quarterly basis.

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Division 7A Benchmark Interest Rate For 2022 Remains Unchanged

The Division 7A benchmark interest rate for the 2022 income year remains unchanged from the 2021 rate of 4.52%.

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Reminder of Superannuation Caps Indexation for 2022

From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.

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New ATO Data-Matching Programs

The ATO has advised that it will engage in two new data matching programs, as outlined below:

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SMSF Limited Recourse Borrowing Arrangements Interest Rates

The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement ('LRBA') to an SMSF would be consistent with the safe harbour terms the ATO will accept for the 2021/22 financial year.

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Introducing SMSF Rollover Alerts

Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund ('SMSF').

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