There were some key tax changes in 2022, here is a brief list:
a) Professional Firm Profit Allocations – PCG 2021/4 Allocation of professional firm profits – ATO compliance approach, which applies from 1 July 2022.
b) Trust Distributions and Anti-avoidance – Taxation Ruling TR 2022/4 Income tax: section 100A reimbursement agreements. TA 2022/1 Parents benefitting from the trust entitlements of their children over 18 years of age
c) Electric Vehicles and Salary Packaging – Royal Assent December 2022
d) Temporary Full Expensing – A temporary measure is in place to allow entities with an aggregated annual turnover of less than $5 billion to fully deduct the cost of eligible depreciating assets first held, and first used or installed ready for use between 7.30pm (AEDT) 6 October 2020 and 30 June 2023 (extended from 30 June 2022). Certain conditions apply for assets to be eligible for temporary full expensing, including particular exclusions for deductions claimed by entities with a turnover of $50 million or more.
