MONDAY PM: Proposed tax changes to increase housing supply The Prime Minister has announced the following proposed tax incentive changes to help increase the supply of housing: (a) increasing “the depreciation rate from 2.5% to 4% per year for eligible new build-to-rent...

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ATO: SMSF member in receipt of ENCC determination The ATO has advised that if a member of an SMSF has received an “excess non-concessional contributions” (ENCC) determination, the ATO may send the SMSF a release authority which must be actioned...

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Employee super guarantee contributions due The ATO has reminded employers that employee super guarantee (SG) contributions for the quarter ending 31 March 2023 were due by 28 April. It also emphasised that if they didn't pay the correct amount of SG on...

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Super: Employers required to pay super on same day as payday The Government has announced that it will amend the superannuation laws to require super to be paid on payday - a reform it says that “will benefit the retirement incomes of...

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Expansion of Home Guarantee Scheme The Government has announced an expansion of criteria for the Home Guarantee Scheme. Eligibility criteria for all elements of the scheme – including the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family...

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MONDAY ATO data matching program: ride-sourcing data  The ATO has advised that it will acquire ride sourcing data to identify individuals that may be engaged in providing ride sourcing services during the 2022–23 financial year. The data items include: (a) identification details...

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Default assessments upheld: failure to discharge onus The AAT has ruled that a taxpayer has failed to discharge the onus of proving that default amended assessments issued to him for the 2010 to 2016 income tax years were “excessive”. The...

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MONDAY IFPA submission on the extra 15% tax for super balances over $3m On 17 April 2023, the Institute of Financial Professionals Australia (IFPA) provided its submission on the proposed extra 15% tax on total superannuation balances above $3m. We...

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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...

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TUESDAY Protecting myGovIDs Providing tax professionals with access to online services is critical to the efficiency and effectiveness of the system. To keep the system safe the ATO rely on professionals to protect their myGovID and their personal information. Recently the ATO...

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