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TAX ALERT - Superannuation Guarantee Amnesty

Lowe Lippmann Chartered Accountants

Introduction

During September 2019, the Government re-introduced the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 into Parliament, which proposes to introduce a one-off superannuation guarantee (SG) amnesty for employers who have not always complied with their SG obligations.

Those employers who voluntarily disclose their non-compliance to the ATO during the amnesty period would be; able to claim income tax deductions for the SG amounts disclosed, will not be charged the administration fee, and will not be subject to any further penalties.

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April 1, 2025
ATO's new focus for small business The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong": Contractors omitting income — with a focus on data matching to ensure all income is reported. Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 small businesses with a history of non-compliance to monthly reporting from 1 April 2025. Small business boost claims — with a focus on encouraging self-amendments to correct errors and omissions. The ATO will also continue its focus on non-commercial business losses, small business capital gains tax ( CGT ) concessions, business income that is not personal income, incorrect claims for 'small business boosts', GST registration and income of taxi, limousine and ride-sourcing services.
March 27, 2025
Bill passed for Instant Asset Write-Off of $20,000 for 2024-25 There was no mention of the extension of the instant asset write-off ( IAWO ) within the Federal Budget delivered last Tuesday night, leaving many small business taxpayers frustrated and uncertain. However, the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2025 has now been passed through the Parliament, and it included the extension of the IAWO threshold of $20,000 for assets first used or installed ready for use between 1 July 2024 and 30 June 2025. After the Bill has now been passed by both the House of Representatives and the Senate, it now simply waits to receive Royal assent.
March 25, 2025
SUMMARY AND FULL COMMENTARY UPDATES 
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