Australian Labor Budget (25.10.22) – Superannuation – CGT ‘down-sizer’ relief extended; Age pension means test relief

Tax Month - October 2022

Superannuation – expanding eligibility for downsizer contributions The Government will reduce the minimum eligibility age to make downsizer contributions into superannuation from 60 to 55 years with effect from the start of the first quarter after Royal Assent of the enabling legislation. There are no changes to the remaining current downsizer eligibility criteria. The downsizer…

Australian Labor Budget (25.10.22) – Business Tax Issues – off-market share buybacks, intangibles, low emission car exemptions, Covid benefits NANE

Tax Month - October 2022

Improving the integrity of off-market share buy-backs The Government will align the income tax treatment of off-market share buy-backs undertaken by listed public companies with the treatment of on-market share buy-backs. This measure is aimed at improving the tax integrity of such transactions to ensure they are not used to obtain a tax advantage for…