One of the often overlooked taxes in Australia is Land Tax. This is because it is levied at a State by State level and generally does not apply to your primary residence.
During the COVID pandemic, departments from all levels of government spent time improving data matching and sharing. Couple this with the financial support that was made available at all levels of government and you have the perfect storm for a review to where taxes are not being collected correctly in an attempt to improve the bottom line.

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The Tax Office said it is aware of issues in section 100A raised by the profession and is looking to address this in the final guidance.

It follows clarifying comments from the ATO, welcomed late last week by the Assistant Treasurer, that the draft guidance would “not apply on a retrospective basis”.

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For anyone considering an SMSF, it’s important to consider, among other things, what’s involved in setting up and running one

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From 1 July 2018, a carry-forward provision has applied for concessional contribution caps. This provision aims to give individuals an opportunity to ‘catch-up’ concessional contributions, if they have the capacity and wish to do so.

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The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 for individuals and $3,000 for couples, and will be paid from 1 July 2022 when Australians submit their tax returns for the 2022 income year.
Other than those who do not require the full offset to reduce their tax liability to zero, all LMITO recipients will benefit from the full $420 increase. All other features of the LMITO remain unchanged.

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One of the simplest but most important obligation of SMSF is ensuring that contributions from members can be accepted.

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Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023.

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The Australian share market finished February 2022 with the S&P/ASX 200 rebounding +2.14% and seven out of eleven sectors finishing higher. In particular, the Energy sector (+8.6%) led the Index higher with Consumer Staples (+5.6%) and Materials (+5.2%) also performing well. The Information Technology sector (- 6.6%) continued its fall whilst the Consumer Discretionary sector (-5.0%) performed poorly.

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If you run a small business and are found by the ATO to have made unintentional record-keeping mistakes, you could be liable to an administrative penalty.

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