New rules were introduced that allow eligible people to claim tax deductions for the unused portion of their super concessional contributions caps from prior years. The benefit of this is that it brings tax deductions into the current financial year that would have otherwise been in excess.
The ATO’s shortcut method for calculating work from home expenses was introduced in 2020 during the pandemic. Now Australians who continue to work from home after June 2022 are being warned to keep accurate records of their working from home expenses as the shortcut method is coming to an end.
Tax time 2022 is fast approaching, and this financial year, the ATO will again be focusing on a few key areas to ensure Australians are doing the right thing and paying the right amount of tax.
The new financial year is bringing with it some changes to the way employers will be required to pay their super guarantee contributions. We recommend that your payroll systems are updated to incorporate these changes.
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