February Newsletter 2023

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February Newsletter 2023

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 25 January 2023.

Non-deductible threshold removed for self education expenses – A recent change to the tax law means it will be simpler to claim a tax deduction for the costs of work-related self education.

Tax debts and relationship breakdowns: a warning – A recent case sheds light on the Family Court’s powers to allocate responsibility for the payment of tax debts of either spouse when a relationship has ended.

Sharing economy reporting regime commences soon – As a part of its strategy to combat tax compliance risks, the Federal Government has passed new requirements for electronic distribution platform operators to regularly report to the ATO on transactions made through their platforms.

Administrative Appeals Tribunal to be replaced – The Federal Government has announced that the AAT will be abolished and replaced with a new Federal administrative review body.

SMSF changes and reminders for 2023 – If you’re thinking of starting a self managed super fund you need to be aware of recent changes to the fund registration process, and the application of the Director ID regime to funds with corporate trustees.

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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