June Newsletter 2023

tax news | views | clues

June 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 26 May 2023.

Federal Budget update – Catch up on the personal and small business tax developments announced in the May 2023 Federal Budget.

ATO target areas for tax time 2023 – The ATO will target loan interest expenses, working from home deductions, and possible capital gains tax where a main residence is also used for income-producing purposes.

ATO ride-sourcing data-matching program extended – Records on approximately 200,000 individuals who provide ride-sharing services will be data-matched in the 2022–2023 income year.

Single Touch Payroll Phase 2: avoid common mistakes – Areas to watch include pay codes, continuity of year-to-date reporting, employee details and employment basis reporting.

Victoria to phase out duty on commercial and industrial property The Victorian Budget included an announcement that an annual property tax will replace the state’s stamp duty.

Employers to pay super at same time as wages – Requiring employers to pay employees’ superannuation guarantee entitlements on payday from 1 July 2026 will be a significant change from the current requirements.

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

Yours sincerely

RittWatchman & Associates

No Comments

Post A Comment