The maximum amount that individuals can take out of their super under the First Home Super Saver Scheme will be increased from $30,000 to $50,000 for any release requests made on or after 1 July 2022. The scheme was originally envisaged as a tax effective way for first home buyers to save for a deposit, and the increase in the maximum releasable amount presumably reflects the rapidly escalating housing price increases. The scheme is available to both first home buyers and those intending to build their first home subject to certain conditions of occupation.
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The end of March signals the approach of FBT time. Employers that have not previously provided employees with fringe benefits need to be aware this year that any COVID-19 related items provided may be subject to FBT, including rapid antigen tests and protective equipment. However, depending on the employer and employee’s circumstances, some of these items may be subject to exemptions. For the 2021-22 FBT year, 23 May 2022 is the deadline for employers to lodge returns and pay any associated liabilities.
With the upcoming federal election in May, Treasurer Josh Frydenberg has handed down what the Government considers to be a safe, ballot box friendly Budget. Labor is likely to start over if elected, meaning it is uncertain how many of these measures will ultimately come to fruition. However, we wanted to share the main initiatives with you in some detail.
Some aspects can be unclear or confusing – please don’t hesitate to contact us if we can answer any questions about items possibly affecting your business or personal finances.
The ATO has just released 4 tax rulings that will stop commonly used trust distributions to family members. It’s one of the most significant developments for the taxation of trusts in over two decades. As a result of these new ATO rulings, options to spread your trust income across your family members may be vastly limited; and family group overall tax payable will probably increase.
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