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Quarterly Newsletter: March 2022

ATO support for businesses in difficult times


The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship.


Depending on the business taxpayer’s circumstances, the ATO may be able to:

  • give the business extra time to pay its tax;

  • set up a payment plan tailored to its situation;

  • re-issue tax returns, activity statements and notices of assessment;

  • help the business reconstruct lost or damaged tax records;

  • prioritise any refunds the business is owed; and

  • remit penalties or interest charged during the time the business has been affected.

If your business is in financial difficulty and needs support, please contact our office and we can assist in finding a suitable solution.



Payment extension relating to JobKeeper objections


The JobKeeper rules have been amended to ensure the ATO can make payments to certain taxpayers after 31 March 2022.


Where a taxpayer has objected to an ATO decision relating to JobKeeper, a payment can be made by the ATO after 31 March 2022 to give effect to the objection decision and decisions of the AAT or a court.


Importantly, this extended payment date will only apply where a valid objection was given to the ATO on or before 30 November 2021.



Super changes and full expensing 12-month extension now law


A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include:

  • Removing the $450 monthly super guarantee threshold.

  • Reducing the eligibility age for making downsizer contributions from 65 to 60.

  • Changes to facilitate the removal of the work test for those aged between 67 and 75 regarding non-concessional and salary sacrificed contributions. In addition, the bring-forward rule will now be available for people under the age of 75 (rather than 67, as is currently the case).

  • Increasing the maximum releasable amount under the First Home Super Saver scheme from $30,000 to $50,000.

  • Allowing super fund trustees to choose not to use the segregated assets method in certain circumstances.

Furthermore, the Government has also ‘made good’ on their promise to extend accelerated depreciation with legislation passing to allow current Temporary Full Expensing measures to continue for another 12 months (i.e., to 30 June 2023).



 

Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.