Insights

The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO's more aggressive approach.

Don't let rising indexation on study and training loans catch you unaware this year. HECS-HELP debt doesn't attract interest, but is indexed to inflation.

‍From 1 January 2023, those 55 and over can make a 'downsizer' contribution to superannuation.Downsizer contributions are an excellent way to get money into superannuation quickly and now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs.

Murray Nankivell are adopting industry leading apps focused on high level of security for sensitive information, and yet convenient for the digitally connected world we mostly expect.

The ATO has issued a draft practical compliance guideline setting out the ATO's proposed approach to individuals claiming deductions for the additional running costs incurred from 1 July 2022 when working from home, which is when the temporary 'shortcut' method relating to COVID-19 ceased to apply.

Legislation enabling FBT-free zero or low emission electric vehicles passed Parliament on 28 November 2022. We explore how the new rules work.How the EV FBT exemption worksThe FBT exemption is intended to apply to cars provided by an employer to an employee under the following conditions:Low and zero emission carsBattery electric vehicles – uses only an electric motor for propulsion; and is fitted with neither a fuel cell nor an internal combustion engine.

News reporting over the weekend suggests that over 1 million directors have not been issued with a required Director ID. ALL directors have to apply and receive a Director Identification Number by 30 November 2022 or face being fined.

The next quarterly super payment is due on Friday, 28th October 2022. Employers will have to pay the Superannuation Guarantee Charge (SGC) if the new SG amounts for the period 1 July 2022 to 30 September 2022 aren't received by your employees' super funds by 28 October 2022.

With inflation rising and the cost-of-living soaring, many of us are looking at ways we can reduce our outgoings and live a little more prudently.

The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it for another type of asset, buy something with it, etc. You cannot recognise market fluctuations or claim a loss because the value of your crypto assets changed until the loss is realised or crystallised.

The system was firstly aimed at the building and construction industry in 2012 and was expanded to include cleaning and courier services. It was expanded further and now; a broader set of industries have been included.

A reminder of what changed on 1 July 2022 – Superannuation guarantee increased to 10.5% – Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)