High Court rejects attempt to disclaim interest in trust distribution
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.
Disclosure of business tax debts
The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’).
No reduction in the Private Health Insurance rebate as of 1 April 2022
An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.
The Australian Government rebate on PHI is annually indexed on 1 April by a Rebate Adjustment Factor (‘RAF’) representing the difference between the Consumer Price Index and the industry weighted average increase in premiums.
The RAF for 2022 has been calculated as 1.
This means there will be no changes to the PHI rebate on 1 April 2022.
Editor: With inflation at levels Australians have been unaccustomed to over the last 20 years, at least there is one very small piece of good news.
2022/23 Federal Budget Tax Bulletin
Overview – The Cost of Living Budget
Last night, as expected, Treasurer Frydenberg handed down the Government’s fiscal pitch to Australian voters through a Federal Budget designed to ease cost of living pressures.
From a temporary reduction in fuel excise, a once-off $420 tax rebate and a $250 “cost of living” payment to some targeted business tax measures, the Budget aims to make everyone a winner from this pre-election Budget.
With a major caveat that the Government has to win the upcoming election for these measures to even begin the legislative process, let’s dissect the key issues for you and your business.
The importance of keeping good superannuation fund records
The ATO have confirmed that trustees are responsible for keeping good records in relation to their Self Managed Superannuation Fund. Good record keeping usually ensures accurate and up to date financial statements, audit and lodgement of tax returns.
The penalties for trustees for not complying can be very serious. The ATO has encouraged trustees to view video’s available on their website (refer to QC23333). There are also educational courses (refer to QC 41142) to give trustees additional information and knowledge to allow them comply with the ATO requirements. This also ensures that their fund performs well.