There are a number of important changes that came into affect from 1 July 2022.

We have summarised these key changes for businesses, superannuation and individuals.

Most businesses are already reporting payroll information to the ATO under Single Touch Payroll Phase 1. In the 2019-20 Budget, the government announced that Single Touch Payroll (STP) would be exanded to include additional information.

Treasurer Josh Frydenberg delivered the 2022-23 Federal Budget last night, Tuesday 29 March 2022.

In an economy emerging from the pandemic, the Treasurer handed down an election budget that announced a range of cost of living measures.

Recently, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. It’s one of the most significant developments for the taxation of trusts in over two decades.

As a result of these ATO proposed changes, options to spread trust income across family members and corporate beneficiaries may be vastly limited and some family groups may need to plan for higher tax in the future.

In this edition we answer your questions about Director ID's and provide a quick guide to help you apply.

MyGovID is your digital identity to unlock participating government online services.

A MyGovID is required for individuals who are applying for Director ID's or businesses wanting to access ATO Online Services