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ATO to start clearing backlog of ENCC release authorities

Due to “unavoidable delays caused by improvements to” its systems, the ATO will start issuing requests to release excess contributions and other charges for individuals who did not make an election on the tax treatment of their excess non-concessional contributions (‘ENCC’) for prior financial years.

This may result in a higher than normal number of release authorities for members of superannuation funds over the coming months while the ATO works through the backlog.

Get ready for super changes from 1 July 2022

Concessional Contributions:

The Concessional Contributions cap is $27,500 for the 2022 financial year. This includes Superannuation Guarantee contributions, Salary Sacrifice Contributions and personal deductible contributions made to a members superannuation account. It is important that where members wish to claim their superannuation contributions personally they ensure they do the following:

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ATO priorities this tax time

The ATO has announced four key areas that it will be focusing on for Tax Time 2022:

  • Record-keeping.
  • Work-related expenses.
  • Rental property income and deductions.
  • Capital gains from crypto assets, property, and shares.

Before claiming income tax deductions for their expenses, taxpayers must ensure:

  • they spent the money themselves and were not reimbursed;
  • if an expense is for both income-producing and private use, only the portion relating to producing income is claimed; and
  • they have a record to prove it. 
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