The treasurer delivered the Federal Budget on 29 March 2022. With election looming, this budget was used to announce a suite of measures to help Australians deal with the sharp increase in cost of living. So what can taxpayers expect? We outline the key announcements of the 2022-23 budget.
Legislation has now passed that allows corporate entities with an aggregated turnover of less than $5 billion a 12 month extension to claim a loss carry-back tax offset in the 2023 income year.
A plethora of superannuation law teaks has recently been made by the Government, via recently passed legislative reforms which include:
Removing the $450 threshold
Reducing the age for sizer contributions from 65 to 60
Removing the work test for people aged between 67 to 74
If you are a small business employer and are yet to be Single Touch Payroll (STP) compliant, the ATO will be shifting their gaze to you as they are beginning to issue ‘Failure to Lodge’ penalties to any employers yet to commence STP reporting.