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).
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Since July 2022, the way can claim deductions for the costs you incur when you work from home has been slightly different.
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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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This Budget comes just seven months before the 2023-24 Budget in May and represents a reshuffling and reallocation of previous initiatives, not presenting new ones.
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If you want to become a director or are one, you'll need a director ID. When you need to apply depends on the date you first become a director. For existing directors, this deadline is fast approaching with November 30 as the cut off for applications.
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The Government has put the 120% skills training and technology costs deduction for small and medium business back on the table.
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