January Newsletter 2024

tax news | views | clues

January Newsletter 2024

We hope that you all had a lovely Christmas Break and Happy New Year. We look forward to working with you in 2024.

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments announced before December 2023.

ASIC’s new alert list offers guidance on suspicious investment “opportunities” – The latest list aims to help consumers identify whether entities they’re considering investing with could be fraudulent, running a scam or unlicensed.

ATO pauses “debts on hold” awareness campaign – The ATO has apologised for any “unnecessary distress” caused to taxpayers with its recent awareness campaign around tax debts that were previously put on hold.

Simplified payroll reporting and STP Phase 2: employers take note – STP Phase 2 doesn’t change which payments employers need to report directly to the ATO, but it does change how those amounts need to be reported.

$20,000 instant asset write-off for small business: beware timing – Legislation is currently before Parliament that proposes to raise the instant asset write-off amount for small business assets acquired from 1 July 2023.

JobKeeper assessment: Treasury report released – The report records lessons learned from the design and implementation of JobKeeper, with a view to informing future policy responses.

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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