Newsletter

FURTHER ELIGIBILITY AGE CHANGE FOR DOWNSIZER CONTRIBUTIONS

The reduced eligibility age to make a downsizer contribution from age 55 is now law, receiving royal assent on 12 December 2022. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022.

21 OCTOBER 2022

• Annual pay as you go (PAYG) instalment notice (Form N) – due date for payment. Lodgement is only required if you vary the instalment amount or use the rate method to calculate the instalment.

• September 2022 monthly activity statements - final date for lodgement and payment.

The Australian Taxation Office (ATO) has provided some brief guidance intended to assist taxpayers with correctly reporting income and losses from cryptocurrency transactions. The ATO reiterates its position that most cryptocurrency will be held on capital account, but it is always necessary to consider whether clients could potentially be taxed on revenue account.

The Australian Taxation Office (ATO) has indicated that it will once again be focusing on the reporting of rental income and deductions as this continues to be an area where mistakes are frequently made.