July Newsletter 2022

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July Newsletter 2022

Happy Start of the New Financial Year 2023

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 21 June 2022.

  • Tax time 2022: businesses get ready – As the end of another tax year approaches, the ATO is reminding businesses to consider their end-of-financial year options for deductions and concessions, and make sure their records are in order.
  • ATO guidance update: debt relief and waivers – The ATO has recently updated guidance on non-pursuit of debt and its ability to release individual taxpayers from certain tax-related liabilities.
  • What might the Federal Government’s proposed electric car discounts mean for taxpayers? – Under the current statutory formula for valuing car fringe benefits, electric cars are arguably at a disadvantage compared to fossil fuel-consuming cars, but this may soon change.
  • Tax benefits for unused “carry forward” concessional superannuation contributions – From 1 July 2019, new rules were introduced that allow eligible taxpayers to claim tax deductions for the unused portion of their super concessional contributions caps from prior years.
  • Personal super deductions: remember the notice of intent – A personal contribution is one of the easiest ways to grow super and get a tax deduction at the same time, but certain factors need to be considered, including eligibility requirements, contribution caps and giving the required notice in time.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours sincerely

RittWatchman & Associates

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