Our advocacy work: 30% tax on earnings of superannuation balances over $3 million
In February 2023, the Government announced an intention to pursue an increase in the tax rate applying to superannuation earnings on member balances over $3m.
ATO finalises work from home deduction approach for 2023 income year
The ATO has released final guidance on how employees may choose to calculate their work from home deductions for this financial year. Employees will be able to choose between a fixed rate method of 67 cents per hour, or calculating the actual expenses incurred, working from home.
Our advocacy work: Non-arm’s length expense rules for superannuation funds
The non-arm’s length expense (“NALE”) rules for complying superannuation entities were introduced with effect from 1 July 2018.
FBT exemption for electric cars: Legislation passed by Parliament
On 25 November 2022, the Senate passed the Treasury Laws Amendment (Electric Car Discount) Bill 2022 with amendments. The amendments were accepted by the House of Representatives on 28 November and the Bill now awaits Royal Assent.
Our advocacy work: Franked distributions and capital raising
Treasury has released exposure draft legislation to implement an integrity measure to make corporate distributions unfrankable where they were funded by capital raising.
Our advocacy work: Shortened period of review
Treasury has released draft regulations that excludes some entities from the shorter two-year period of review.
Our advocacy work: Multinational tax integrity
In August 2022, Treasury released a consultation paper seeking feedback on the implementation of certain pre-election policies.
Proposed Fringe Benefits Tax exemption for low or zero emission cars
The Government has introduced a Bill to provide an exemption from Fringe Benefits Tax (“FBT”) for a car fringe benefit attributable to an eligible low or zero emission car. The exemption is intended to encourage a greater take up of fuel-efficient cars and reduce Australia’s carbon emissions.
Adam Blizzard
Adam is part of the Business Advisory and Assurance division and a key member of the outsource finance team. With an initial focus on providing outsource finance services to infrastructure clients, he now advises clients in a wide range of industries. Adam is passionate about continuing to develop the outsource finance service offering, working with […]
NSW and Queensland Budget 2022-23
On 21 June 2022 the New South Wales and Queensland Governments handed down their respective State Budgets for 2022-23.