The talk about the stage 3 tax cuts has reached a fever pitch in recent days. The changes were originally legislated by the previous government in 2019 with support of the then Labor opposition. During the election campaign and since coming into government, the Prime Minister had reassured voters on multiple occasions that the stage 3 tax cuts would remain. However, with the recent inflationary stressors, the government has been under increasing pressure to scrap the already legislated tax cuts in favor of cost-of-living relief for low to middle income earners, which would require the introduction of amending legislation.
As a new calendar year commences, the ATO’s priorities in the SMSF sector remain consistent. As with previous years, the greatest area of concern for the ATO continues to be taxpayers illegally accessing their super before meeting a condition of release. While it notes that the vast majority of SMSFs follow the rules, those that do not are having a significant impact on the system.
Businesses wanting to participate in tendering for Commonwealth government contracts need to be aware that contracts over a certain amount require a statement of tax record to be included with the tender submission, and the statement will need to be valid at the time of tender closing. The statement of tax record is a just statement that confirms the business’ engagement with the tax system is satisfactory and will apply to all contracts that have an estimated total value of over $4m including GST.
Castletons is one of the very first accountancy firms in Australia to launch a free mobile Tax App. The great news is that the APP can be downloaded free onto your iPhone,iPad or Android devices. It's packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.