Business Services
Revised ATO guidance on the PSI rules
The ATO has finalized its guidance on personal services income (PSI) and personal services businesses (PSB). Taxation Ruling TR 2022/3 provides general guidance on the operation of the personal services income (PSI) rules. It combines the ATO’s previous rulings on these rules – TR 2001/7 (on the meaning of PSI) and TR 2001/8 (on the meaning of a personal services business. The ruling explains the meaning of PSI and the effect of the PSI rules, a PSB, and the PSB tests along with examples to assist taxpayers in understanding the PSI rules and the PSB tests. For more details pls visit the ATO website.
FBT exemption for electric cars
The Treasury Laws Amendment (Electric Car Discount) Bill 2022 was passed on 25 November 2022. The Bill provides an FBT exemption for electric cars used by employees subject few criteria i.e., “Zero or low emissions vehicles i.e., battery electric vehicles, Hydrogen fuel cell vehicles, and plug-in hybrid electric vehicles. Registration, insurance, repairs, maintenance, and fuel expenses provided for eligible electric cars are also exempt from FBT.
Victorian Government’s – Business and Community Sport Flood – Recovery Grants program
The Victorian Government’s Business and Community Sports Flood Recovery Grants provide up to $50,000 grants to small businesses, not-for-profit and community sports, and active recreation organizations that have suffered direct loss or damage from the 2022 Victorian floods, which commenced in October 2022. Applications for this program will close at 4 pm on Monday 1 May 2023.
Financial Planning
Sale of home: social security assets test exemption extended
The Social Services and Other Legislation Amendment (Incentivising Pensioners to Downsize) Bill 2022 has passed all stages without amendment and now awaits assent.
The Bill doubles to 2 years the time limit for which the proceeds of the sale of a principal home are exempt from the pension assets test until a person purchases a new home. For social security deemed income purposes, the Bill also ensures that only the lower below threshold deeming rate (0.25%) will apply to the sale proceeds during the period of exemption.
The amendments will apply from 1 January 2023.
ASIC releases sitting dates for 2023 financial adviser exams
Financial adviser exams 2023
The dates for 2023 exam sittings are as follows:
|
Exam Sitting 20 |
Exam Date |
| February 2023 | Thursday 16/2 |
| Enrolments for Sitting 20 open on 10 January and close on 30 January 2023 | |
| Exam Sitting 21 | Exam Date |
| May 2023 | Thursday 11/5 |
| Enrolments for Sitting 21 open on 3 April and close on 21 April 2023 | |
| Exam Sitting 22 | Exam Date |
| August 2023 | Thursday 10/8 |
| Enrolments for Sitting 22 open on 3 July and close on 21 July 2023 | |
| Exam Sitting 23 | Exam Date |
| November 2023 | Thursday 9/11 |
| Enrolments for Sitting 23 open on 2 October and close on 20 October 2023 | |
Superannuation
Taxation of super discussions requires clear objective
The Assistant Treasurer, Stephen Jones, has indicated that the objective of superannuation needs to be settled and legislated before a sensible debate can be had on the taxation of superannuation.
In an address to the AFR Wealth and Super Summit on 8 November 2022, Mr Jones confirmed that the Government will seek to legislate an objective of super. Once a clear objective of super is settled, Mr Jones said a meaningful conversation can begin around the taxation of super. “Those who support the status quo will need to demonstrate how concessional tax arrangements for high-balance super funds meet the common objective. Those who argue for change will need to show how that approach meets the objective”, Mr Jones said.
