The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 for individuals and $3,000 for couples, and will be paid from 1 July 2022 when Australians submit their tax returns for the 2022 income year.
Other than those who do not require the full offset to reduce their tax liability to zero, all LMITO recipients will benefit from the full $420 increase. All other features of the LMITO remain unchanged.

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One of the simplest but most important obligation of SMSF is ensuring that contributions from members can be accepted.

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Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023.

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The Australian share market finished February 2022 with the S&P/ASX 200 rebounding +2.14% and seven out of eleven sectors finishing higher. In particular, the Energy sector (+8.6%) led the Index higher with Consumer Staples (+5.6%) and Materials (+5.2%) also performing well. The Information Technology sector (- 6.6%) continued its fall whilst the Consumer Discretionary sector (-5.0%) performed poorly.

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If you run a small business and are found by the ATO to have made unintentional record-keeping mistakes, you could be liable to an administrative penalty.

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Individuals aged between 67 and 75 will be able to make non-concessional and salary sacrificed contributions without the need to pass the work test or satisfy the work test exemption criteria from 1 July 2022.

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Unfortunately, for some of us, when making a decision that affects our short, medium or long-term financial wellbeing, a behaviour gap can arise

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Businesses that need a little more financial help will have one last opportunity to claim the loss carry back in their 2021-22 income tax return.

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