Latest news - Forvis Mazars

The superannuation guarantee will increase from 10% to 10.5% from 1 July 2022

From 1 July 2022, the current superannuation guarantee rate of 10% will increase to 10.5%. This increase is a statutory increase and therefore compliance with the increase is mandatory. The rate of the superannuation guarantee is currently legislated to rise each year by 0.5% each July until it reaches 12%.

10 days paid domestic and family violence leave

In a decision handed down on 16 May 2022, a Full Bench of the Fair Work Commission (FWC) has provisionally approved 10 days of paid domestic and family violence leave for full time and part-time (pro-rata) employees covered by Modern Awards.

Disclosure of business tax debts

The ATO is in the process of writing to taxpayers that may have their tax debts disclosed to credit reporting bureaus (‘CRBs’) so it’s important to find out whether this initiative could impact your business.

ATO simplifies refund of franking credits for charities

The Australian Taxation Office has recently simplified the way charities can apply for a refund of franking credits.

Mazars in Australia finalist in the Australian Accounting Awards 2023

Mazars is delighted to be named finalists in four group categories in the 2022 Australian Accounting Awards. We also congratulate Matthew Ashley, Lauren Hill (née Whelan) Nadia Afrin on being recognised in individual categories at this year’s Awards.

2022-23 Federal Budget tax & superannuation brief

The 2022-23 Australian Federal Government Budget Tax and Superannuation Highlights

Tax deductibility and FBT treatment of Covid-19 test expenses

After much speculation, the Government announced that Covid-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both tax-deductible and exempt from FBT, broadly where they are purchased for work-related purposes.

New ATO views on the tax treatment of trust income distribution

The ATO has recently published its dramatic interpretation on the tax treatment of trust income distributions.

12 month extension of the temporary loss carry-back measure

Following the announcement in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.

Implementation of Director Identification Numbers for foreign directors

The statutory regime of director identification numbers is now in full swing following the introduction on 1 November 2021. The regime verifies the identity of Directors of Australian companies to combat illegal company phoenix activities and enables regulators to track directors’ corporate history and prevent the use of fictitious identities.