Insights

A reminder of what changed on 1 July 2022: Superannuation guarantee increased to 10.5% – $450 super guarantee threshold removed for employees aged 18 and over

Everyone knows you don't pay tax on your family home when you sell it‚ right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.

If you haven't already started the additional reporting required for Single Touch Payroll (STP) you may start getting reminders from the ATO.

Currently, a work test applies to superannuation contributions made by people aged 67 or over. In general, the work test requires that you are gainfully employed for at least 40 hours over a 30 day period in the financial year.

From 1 July 2022, the $450 threshold test will be removed and all employees aged 18 or over will need to be paid superannuation guarantee regardless of how much they earn.

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.

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. And yes, the Tax Office has heard all the arguments before about how keeping fit reduces sickness and therefore is important to earning an income, and the way I look is important to my job'.

The Government previously temporarily reduced the minimum required rates for withdrawals from pension accounts by 50% for the 2020, 2021, and 2022 income years.These regulations extend this measure to cover the 2023 income year as well.

PAYG instalments are regular prepayments made during the year of the tax on business and investment income. The actual amount owing is then reconciled at the end of the income year when the tax return is lodged.

From the 30th of March the Australian Taxation Office (ATO) have reduced Fuel Tax Credit ratesThe Government has temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel, and all other petroleum-based products (except aviation fuels) to offer temporary relief on the current fuel prices.

The 2022-23 Budget is safe and ballot box friendly with a focus on jobs, cost of living, home ownership, and health.Key initiatives include:A 6 month, 50% reduction in fuel excise with effect from midnight Budget nightA $420 cost of living tax offset for low and middle income earners from 1 July 2022A one-off $250 economic support payment to some social security payment recipientsFor small business, a $120 tax deduction for every $100 spent on training employees and digital adoption.

Introduced in the 2020-21 Budget and now extended until 30 June 2023.