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Update on $3m super balance tax

11/10/2023

The Treasury released the highly anticipated draft legislation on superannuation. This affects superannuation balances above $3m with an increase in tax rate from 15% to 30% from 1 July 2025. Notably, the draft legislation allows negative earnings to be carried forward and offset against future years. Otherwise the Treasury’s proposal is largely unchanged from the […]

RCTI changes include GST verification for every issue

05/12/2022

The Commissioner of Taxation (the Commissioner) has proposed changes to the requirements that a recipient must satisfy to issue a Recipient Created Tax Invoice (RCTI).  The proposed changes are detailed in draft Legislative Instrument LI 2022/D15 (the Draft) which has been released for public consultation.  The Draft is intended to replace 51 separate Legislative Instruments […]