Your Future, Your Super Review outcomes released
The Government has announced the release of the outcomes of the review of the Your Future, Your Super laws. The purpose of the review was to identify any unintended consequences of these laws which might be leading to poor outcomes for members. The feedback from stakeholders was primarily focused on the annual superannuation “performance test” which is intended to hold trustees to account to maximise returns to members. The Government will address several unintended consequences of the test identified in the review. The Government has also released exposure draft regulations that update the performance test following the results of the review.
ATO: Upcoming R&D Tax Incentive application deadline
The ATO has advised that if your company operates on a standard income year (1 July to 30 June), the statutory deadline to apply for the R&D Tax Incentive is within 10 months after your income period closes. Generally, this means you need to apply by 30 April. For the 2021–22 financial year (1 July 2021 to 30 June 2022), the deadline to submit a registration application is 11.59 pm AEST on Tuesday 2 May 2023, which is the first business day following the weekend and a Monday public holiday in some parts of Australia.
Vic: New payroll tax ruling on interest and penalty tax
The Victorian Office of State Revenue has published Revenue Ruling PTA-036v5 Payroll tax – interest and penalty tax. It replaces PTA-036v4 and takes effect from 1 April 2023. Under PTA-036v5, when an employer makes a voluntary disclosure of a payroll tax default prior to the commencement of an investigation, the amount of premium interest assessed will be capped at 5% of the unpaid tax. This aligns with the approach for other revenue lines where penalty tax of 5% of the primary tax is assessed. The position on market interest is unchanged from the previous ruling (PTA-036v4).
TPB “tips” for protecting privacy
As part of its Privacy Awareness Week, the Tax Practitioners Board has released various “tips” about how best to protect yours and your clients’ privacy. The information includes such matters as know your obligations; having a privacy plan and only collecting and keeping information you need to.
