July Newsletter 2023

tax news | views | clues

July Newsletter 2023

Happy New Financial Year 2023-2024

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 23 June 2023.

Key tax considerations this tax time – As the financial year draws to a close, it’s time to start thinking about whether your year-end tax planning is in order.

Stay alert for tax time scams – Around 20,000 scam reports have been received to date this year, and ATO impersonation scams are becoming increasingly commonplace.

Small business lodgment amnesty: reminder – The ATO reminds eligible small businesses to take advantage of the recently announced lodgment penalty amnesty program covering income tax returns, BAS and FBT returns.

“Buy now pay later”NPL sector facing more regulation – The government is moving to bring BNPL products within the scope of the Credit Act with a tailored version of the general responsible lending obligations.

Minimum pension payment changes – The temporary 50% reduction in the minimum pension drawdown rate for superannuation and annuities will no longer apply from 1 July 2023.

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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