June 2023
The 2023-24 Federal Budget was recently released. The main aim was to provide help to everyday Australians who are suffering from the large cost of living increases experienced by us all over the past 12-18 months.
Individuals
Changes to Income support, JobSeeker Payment changes, Pension payments, Eligibility for Parenting Payment (Single), Increase in support for home buyers, Increase in Rent Assistance, and CPI Indexed Medicare levy for low income
Small & Medium Business
Impacts to Instant asset write-off threshold, 20% deduction for small business supporting energy efficiency, FBT exemption for hybrid cars to end 2025, An increased capital works deduction rate to new build projects, clean building managed investment trust (MIT) withholding tax concession, and more announced at later dates.
Superannuation
Changes such as Reducing tax concessions for superannuation balances exceeding $3 million, employers to be required to pay super guarantee on payday, and Non-arm's length income (NALI) amendments
2023 Year End Tax Planning Guide
- Key Tax Minimisation Strategies
- Obligations that need to be conisdered in relation to the end of financial year
- Other Tax effective Strategies for Businesses
- Superannuation Tax Planning Opportunities
- Immediate Write-Off for Individualssmall Business Assets
2023-2024 Tax Return Checklist
 Taxslayer-On-the-Money-Newsletter-JUNE23.pdf (979kB) |