Client Alert November

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 27 October 2023.

    • Upcoming changes for pension and income support recipients – A permanent enhancement to the pensioner work bonus has been announced, along with a doubling of the employment income nil rate period to reduce barriers for income support recipients taking up work.
    • Sharing economy reporting regime for platform operators – Transactions for supplying taxi travel/ride sourcing and short-term accommodation now must be reported to the ATO under the sharing economy reporting regime.
    • ATO shifting to firmer debt collection activity – The ATO has flagged a return to firmer debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.
    • Tax exempt organisations required to lodge returns with the ATO: a reminder – Some organisations that used to have the option of self-assessing their income tax exemption status will soon be required to submit an annual self-review report to the ATO.
    • Proposed mechanisms for payday super – In an effort to reduce wage theft and prevent losses in retirement income for many Australians, the government is seeking to legislate the payday super measure proposed in the 2023–2024 Federal Budget.

You can read the full alert here.

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