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 28 August 2023.
- Tax time 2023: lodgment period underway – The ATO has given the green light for taxpayers with uncomplicated financial affairs to lodge their returns.
- Simplifying individual tax residency: government consultation – Movement may be afoot on the complex issue of individual tax residency in Australia.
- ATO crackdown on TPAR lodgments – The ATO has recently issued more than 16,000 penalties for businesses who failed to lodge their TPARs for previous years despite receiving multiple reminders.
- Small business bonus deduction: technology investment – Small businesses may be able to get a bonus 20% tax deduction for any business expenses and depreciating assets used to improve their digital operations.
- Small business energy incentive – The Federal Government has released plans to introduce an energy incentive to help small and medium businesses electrify and save on their energy bills.
You can read the full alert here.