04 Jul 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
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