Here's a snapshot of key developments in taxation this month:

1. Super Guarantee Rate Increased

From July 1, 2023, the super guarantee rate for employee payments rises to 11%. Businesses must update payroll systems accordingly.

2. AMP Fined $24 Million for Charging Deceased Customers

AMP Group companies have been fined $24 million by the Federal Court for wrongfully charging insurance premiums and advice fees from over 2,000 deceased customers.

3. Changes to Minimum Super Income Payments

Starting 2024, COVID-19-related reductions in minimum drawdown requirements for account-based pensions will end.

4. Private Company Loan Compliance

The ATO reminds taxpayers to comply with private company loan repayment rules to avoid adverse tax implications.

5. Indexation of Transfer Balance Caps

Personal transfer balance caps will be indexed from July 1, 2023. Report events by June 30, 2023, for accurate cap calculations.

6. Non-Deductible Masters Course Fees

The AAT ruled that tuition fees for a Masters course aren't tax-deductible if not directly related to current work.

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