All of the latest tax news, views and clues for April 2022.
This Alert addresses:
- Government support for flood-ravaged areas – Assistance is available for those affected by the recent devastating flooding, including the Disaster Recovery Payment and Disaster Recovery Allowance, and ATO support for flood-impacted small businesses.
- Temporary full expensing of assets extended – Businesses will have until 30 June 2023 to utilise the temporary full expensing of depreciating assets measure.
- Record-keeping education in lieu of ATO financial penalties – If the ATO finds you’ve made unintentional record-keeping mistakes, you could soon be directed to complete a record-keeping education course instead of paying financial penalties.
- FHSS maximum releasable amount increased – The maximum amount that individuals can take out of their super under the First Home Super Saver Scheme will be increased to $50,000 for release requests from 1 July 2022.
- Downsizer contributions: age limit change – More people will soon be able to make up to $300,000 in downsizer contributions into their superannuation, with the lowering of the age limit to include those aged 60 years and over from 1 July 2022.
- Work test scrapped for super contributions: under 75s – People aged between 67 and 75 will be able to make non-concessional and salary-sacrificed contributions to their super without needing to pass the work test from 1 July 2022.