4th Quarter 2022

21 APRIL 2022

• March 2022 monthly activity statement - due date for lodgement and payment.

It’s that time to start applying for your Director ID if you haven’t already done so. A director must apply for a Director ID themselves. It’s a simple process if you have set up a myGovID app and have your identification documents (ID) ready.

Temporary full expensing enables your business to fully expense the cost of new depreciable assets, improvements to existing eligible assets, and second hand assets in the first year of use.

The Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.