Tag Archives: ITR

ATO to resume collecting aged debts

Taxpayers with aged debts that the ATO had paused collecting or put on hold should be aware that offsetting aged debts against tax refunds or credits has now resumed. Letters were sent out in May 2022 to remind taxpayers that they have aged debts and that June 2022 will see the recommencement of debt collection. The aged debts can be offset either from ATO accounts or credits from other government agencies, although the debt will not be offset if the only available credit relates to a Family Tax Benefit amount.

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Tax time 2022: ATO focus areas

As a part of the Budget, the government has extended the temporary 50% reduction in minimum annual payment amounts for super pensions and annuities to 30 June 2023. The measure was originally introduced for the 2019-20 year in response to the COVID-19 pandemic which negatively impacted the super account balances of many retirees. According to the government, given ongoing volatility, the extension will ensure that retirees will not be forced to sell assets in order to satisfy the minimum drawdown requirements.

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