The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
A State or Territory Government COVID-19 grant payment will generally be tax-free if:
The following Victorian and ACT COVID-19 grant programs have recently been declared as eligible grant programs for these purposes:
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.
It ranks the performance of these products by fees and net returns.
Each year, the Australian Prudential Regulation Authority (‘APRA’) assesses the performance of each MySuper product, and this information is displayed in the comparison tool. Updated information for the 2022/23 year is now available.
The comparison tool provides one of the following results for each MySuper product:
Individuals who are members of underperforming MySuper products will receive correspondence to notify them of the underperforming status.
Individuals can access a personalised version of the tool which allows them to view and compare their existing MySuper products by doing the following:
To access a non-personalised version of the tool (without logging into myGov), visit ato.gov.au/yoursuper
The Albanese Government has confirmed its commitment to implementing two tax incentives aimed at supporting small businesses to train and upskill employees, and improve their digital and tech capacity.
The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated.
Small businesses with an annual turnover of less than $50 million will be able to claim a ‘bonus’ 20% deduction for eligible expenditure on:
The incentives will be backdated to 29 March 2022.
Editor: These incentives are not yet law. If you have spent, or are considering spending, on training or digital technology, please contact our office for an update.
The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating assets’ used in their properties.
In most cases, these are items that existed in the taxpayer’s property when they purchased it, or were in their private residence (which they later rented out), such as:
Since 1 July 2017, taxpayers generally cannot claim the decline in value of second-hand depreciating assets (some limited exceptions do apply).
However, this rule does not apply to a property that was rented out before this date, or if it is newly built or substantially renovated (conditions apply).
If you have a residential rental property, to help us get your claim right, please answer the following:
As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program.
This included enacted legislation introducing the new director identification number (‘director ID’) regime.
The director ID is a unique identifier that a director will need to apply for once and will keep forever.
The introduction of director IDs is intended to create a fairer business environment by helping prevent the use of false and fraudulent director identities, which “will go a long way to better identifying and eliminating director involvement in unlawful activity”.
Note that all directors will need to apply for a director ID, including directors of corporate trustees of self-managed super funds (‘SMSFs’) and of family trusts.
Individuals will be able to apply for a director ID from 1 November 2021 on the new Australian Business Registry Services (‘ABRS’) website (at abrs.gov.au) and will need to log in using the myGovID app (set to a ‘Standard’ or ‘Strong’ identity strength).
When an individual must apply for a director ID depends on the date they became a director. For directors under the Corporations Act:
Individuals will need to apply for their director ID themselves to verify their identity (i.e., no one can apply for it on their behalf, including agents).
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
Tags: ATO, Coronavirus, COVID-19, GST, JobKeeper, JobKeeper Payment, JobKeeper Payment Extension, self-managed super, superannuaction, superannuation guarantee amnesty
Categorised in: Articles