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Integrity, Innovation & Commitment

1st Quarter 2023

Key Tax Dates

14 JULY 2022
• Payers must issue 2021-2022 PAYG Withholding payment summaries to payees (that is, employees and other workers).

You may be exempt from giving payment summaries and a payment summary annual report for the amounts you reported through Single Touch Payroll (STP). This information will be made available to your employees as an income statement through ATO online services via myGov. To be exempt from issuing these payment summaries to your employees, you will need to make a finalisation declaration by 14 July 2022.

It's important that you finalise your employees' data by 14 July 2022 if you can, and let your employees know when you have so they can lodge their income tax returns.

You will still need to do a payment summary for any payments you don't report through STP.

Tax Time Targets

The Australian Taxation Office (ATO) has flagged four priority areas this tax season where people are making mistakes.

1. Record-keeping
2. Work-related expenses
3. Rental property income and deductions, and
4. Capital gains from crypto assets, property, and shares.

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.

The Home Guarantee Scheme guarantees part of an eligible buyer’s home loan, enabling people to buy a home with a smaller deposit and without the need for lenders mortgage insurance. An additional 25,000 guarantees will be available for eligible first homeowners (35,000 per year), and 2,500 additional single parent family home guarantees (5,000 per year).

Let us advise you with your accounting and taxation needs!