July 2022 – Practice Update

Happy New Financial Year. It was such a busy June that we were not able to get the June newsletter went out. But the July update is jam-packed with a heap of useful information.   ATO’s small business focus for the 2022 income year The ATO announced that it will be focussing on the following...

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May 2022 – Practice Update

Disclosure of tax debts The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: The taxpayer has an Australian business number and is...

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April 2022 – Practice Update

2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420.  The LMITO is a tax offset which reduces an individual taxpayer’s tax...

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