December 2022 | VOLUME 173
KSW Newsletter for clients and associates of Kreston Stanley Williamson
Final ATO Guidance on Discretionary Trust Distributions
In our March 2022 Insight Newsletter, we discussed the ATO’s draft views on discretionary trust distributions. At that time, the draft guidance was released in an attempt to clarify how the ATO interpreted the anti-avoidance provisions that were designed to combat “reimbursement agreements”.
While the final ruling has not changed significantly from the draft, it has been updated due to recent court decisions, and some additional commentary and examples have been included.
Our full article here, discusses the final Practical Compliance Guideline and examples to illustrate the risk zones.
Downsizer Superannuation Contribution rule changes from 1 January 2023
From 1 January 2023, the eligibility age for downsizer contributions will reduce from age 60 (current rules) to age 55. All other eligibility criteria remain unchanged.
Our full article here, explains in detail the downsizer contribution and frequently asked questions related to this matter.
FBT Exemption for Electric Cars is now law
In our June 2022 Insight Newsletter, we outlined the FBT exemption for electric cars that was proposed by the incoming government. Legislation to implement this exemption has now been passed, and the exemption applies to eligible electric cars and associated car expenses from 1 July 2022.
Our full article here, details the current legislation on the FBT exemption for electric cars.
Farewell 2022 – Now On to 2023!
We would like to wish you a Merry Christmas and Happy New Year! We hope you enjoy the break with family and friends, and you move into 2023 refreshed and ready to make the year a great one.
As in past years, we have not sent out Christmas cards. Instead, we have chosen to donate these funds to the Salvation Army to help those in need of support at this time of year.
We would like to thank you all for the support of our business during 2022. We look forward to continuing our relationship into the new year.
Our office will close at 5pm Friday 23rd December 2022 and re-open on Tuesday 3rd January 2023.
We look forward to seeing you in the New Year.
DISCLAIMER
This newsletter has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the newsletter is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this newsletter, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under Professional Standards legislation.
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