November 2022 Newsletter

Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.

This month we look at:

  • Federal budget – business and individual taxation: It was a somewhat quiet budget on the business front, with it being notable for the burning issues that it did not address such as Division 7A reform, the taxation of trusts, the future of the loss carry back rules and current depreciation rules for business (both expiring in 2023). On the individual level though, lucrative future year tax cuts were confirmed.
  • Federal budget – superannuation: The retention of the existing contribution caps, leaving indexation undisturbed, reducing the downsizer contribution age to 55 (down from 60), and the delay in the SMSF residency rule changes were just some of the announcements on the super front.
  • Rental deductions curbed: Where you let out your home to family or friends or otherwise on a non-commercial basis, a recent AAT decision reminds us that, in doing so, this may limit your deduction claim to the amount of rent charged.
  • Director ID’s – new campaign launched: The federal government has launched a last-ditch awareness campaign reminding those who are directors to obtain their ID by the 30 November deadline. How? Who? Why? We answer these questions.
  • Do I have to pay myself super as a business owner?: The answer depends on a range of factors, principally your trading structure. Different rules apply for sole traders, companies, partnerships and businesses operated through a trust structure.
  • Business versus hobby: When do otherwise private activities cross over from a hobby to a business? This matters from a tax perspective particularly around the declaring of payments received, claiming deductions, record-keeping…and more!

Click here to read the Rose Partners November 2022 Newsletter.

If you would like to discuss anything raised in the newsletter, please contact our Team.

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