Treasury Laws Amendment (2022 Measures No. 2) 2022

# Treasury Laws Amendment (2022 Measures No. 2) Bill 2022 ## What it does This bill makes five separate changes to Australian tax law. The main ones are: helping small businesses avoid penalties if they improve their record-keeping after getting a warning from the ATO, creating new reporting rules for people earning money through the sharing economy (like Airbnb or Uber), removing a limit on tax deductions for self-education expenses, giving the small business tax tribunal more power to overturn ATO decisions, and letting more people put money into their super accounts through the "downsizer contribution" scheme (particularly older Australians downsizing their homes). ## Why it matters These changes mostly help individuals and small businesses get fairer treatment or save money on tax. For gig workers, the new sharing economy reporting rules will make it clearer what income needs to be declared. For small business owners, the education deduction changes and tribunal powers mean you're not as harshly penalised if you get record-keeping wrong, and you have better appeal options if the ATO disagrees with you. ## Key details - **Record-keeping:** If the ATO gives you a written direction to fix how you keep records, you won't be penalised if you actually comply with it - **Self-education expenses:** The current $250 threshold is being removed, so you can potentially claim more education costs - **Commencement:** Most changes kick in from the next quarterly date (1 Jan/Apr/Jul/Oct) after the bill passes, except tribunal powers which start immediately

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