Federal Budget 2022 – Overview

The Aged Care Taskforce was asked to report on how to fund aged care around the country. In so doing, it took a side in Australia’s national tax ‘tragedy.’

A recent Federal Court ruling has found that the transfer of super from a husband to his wife’s superannuation account is no longer protected as an interest of the bankrupt in a regulated super fund under the Bankruptcy Act 1966.

More than 16,500 SMSFs are being scrutinised by the ATO as they allegedly reported certain classes of assets at the same value for at least three income years.

The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.