October Newsletter 2023

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October 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 September 2023.

ASIC calls on lenders to support customers – ASIC’s recent open letter reminds lenders that they must have suitable arrangements in place to respond to requests for assistance from customers and work cooperatively to find sustainable solutions.

Subscriptions included in digital adoption boost: ATO clarification – New and ongoing subscription costs can also qualify as eligible deductible expenditure if it relates to a business’s digital operations.

Small business litigation funding: improvements recommended – A recent Inspector-General of Taxation and Taxation Ombudsman (IGTO) report has recommended improvements aimed at delivering better access to justice and fairness for small businesses.

SMSF compliance activity escalation – The ATO has ramped up its compliance activity in response to an increasing number of funds that have been identified as not complying with superannuation obligations.

In addition, you’ll find a Due Diligence Checklist to help with various considerations when acquiring a business.

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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