August Newsletter 2023

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August Newsletter 2023

It is almost Spring, and the flowers are starting to blossom

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 28 July 2023.

ATO motor vehicle data matching program extended – For 2022–2023 and 2024–2025, the ATO will continue to collect information about vehicle transfers and new registrations where the purchase price or market value is $10,000 or more.

Using the cents per kilometre method for claiming car expenses – This method is a simple way to work out how much you can deduct for car-related work or business expenses.

Paying contractors? Get ready for your TPAR – Businesses that make payments to contractors may need to report these payments and lodge a taxable payments annual report.

Instant asset write-off: is your business eligible? – Small businesses can claim an immediate deduction for the business portion of the cost of a depreciating asset in the year the asset is first used or installed ready for use..

Developments in GST guidance for crypto assets – For GST purposes, the ATO says that digital currency is a crypto asset utilising cryptography and distributed ledger technology to make secure transactions.

Beware SMSF schemes: residential property purchase – People who may have been persuaded by slick marketing or promoters and inadvertently entered into these super schemes are urged to contact the ATO.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours sincerely

RittWatchman & Associates

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