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:
- Proposed 15% super tax: Individuals with large superannuation balances may soon be subject to an extra 15% tax on earnings if their balance exceeds $3 million at the end of a financial year. Those affected would continue to pay 15% tax on any earnings below the $3 million threshold but will also pay an extra 15% on earnings for balances over $3 million.
- Reducing the risk of crypto scams: ASIC has released fresh and timely information around cryptocurrency scams. Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. Crypto can be sent overseas quickly with limited oversight. If you lose your money to a crypto scam, your money is likely gone. What are the red flags to be aware of?
- FBT exemption for electric vehicles: Fringe benefits provided on or after 1 July 2022 for cars that are eligible zero or low emissions vehicles that are first held and used on or after 1 July 2022, may be exempt from FBT. A new ATO factsheet provides more detail on this exemption.
- Finding your lost super: There is more than $16 billion in lost and unclaimed superannuation across Australia. Does some of this belong to you? Make sure you search for any lost or unclaimed super you may have as bringing it all together may help you save on fees and will also make it easier to manage your retirement savings. The good news is that it is easy to conduct a search.
- Fending off GST audits: The government has welcomed the uncovering and prosecution of ‘the biggest GST fraud in Australia’s history’, stopping approximately $2.5 billion in fraudulent GST refunds from being paid to fraudsters. On a smaller scale, there are lessons to be learned about how you or your business can stave off a GST audit or review if you are subject to ATO scrutiny.
- Trust distribution landscape now more settled: If you carry on your business affairs through a trust structure, there is now slightly more clarity around the law on distributions following a decision of the full Federal Court. With 30 June rushing towards us, family trusts need to be considering their position in relation to upcoming trust resolutions.
Click here to read the Rose Partners April 2023 Newsletter.
If you would like to discuss anything raised in the newsletter, please contact our Team.
