The Australian Federal Budget for 2023-24 has been announced, including measures to support individuals, businesses, and institutions nationwide. Here are some of the key announcements and how they will impact Australians
With the end of the FBT year on 31 March 2023 fast approaching, the ATO has reminded taxpayers and their advisers that now is the time to start preparing FBT records and calculations. This includes ensuring that any arrangements for employee contributions to reduce the taxable value of fringe benefits are put in place and collecting employee declarations (if required).
From 1 January this year, those 55 and over have been able to make a ‘downsizer’ contribution to their superannuation. Since the age limit for downsizer contributions was reduced from 60 to 55, more people have been able to use this opportunity to get money into their super quickly.
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