Bonsella June/July 2022 Newsletter

June 22

Our latest eNewsletter includes information on the following topics:

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.