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Income Tax Articles

What’s New in 2023? Key tax changes to be aware of

As we kick off the new tax season, it's essential to be aware of the latest tax changes that may impact your 2023 tax return.

Time running out on Temporary Full Expensing

The current concession which allows businesses to claim an immediate deduction for unlimited capital expenditure will come to an end on 30th June 2023.

Tax & The Family Home

Most family homes would be exempt from Capital gains tax (CGT), but there may be circumstances which may make the sale of the home taxable.

Let’s get digital!

The ‘Small Business Technology Investment Boost’ is currently sitting with parliament, but with a potential 20% bonus deduction to businesses, it could represent a timely boost amidst rising costs.

Changes to work from home tax claims

With the continuing trend towards working from home arrangements, the ATO has renewed the way taxpayers can claim deductions for costs incurred when working from home.

Spreading some (tax-effective) Christmas cheer

With Christmas around the corner, what is the tax impact of various Christmas or holiday related gestures? Here are some things to consider.

ATO’s Four Priorities for 2022

The ATO has announced the four areas that will be its focus of attention this tax season.

Fringe Benefits Tax Exemption: The Latest Electric Car Incentive

The government's proposed Treasury Laws Amendment (Electric Car Discount) Bill 2022 provides for an FBT exemption for employer-provided cars that are classified as zero or low emission vehicles.

Work-test repeal – enabling those under 75 to contribute to super

From 1 July 2022, the work-test has been scrapped and individuals aged younger than 75 years will be able to make or receive non-concessional contributions or salary sacrifice superannuation contributions.

Additional guidance from the ATO on cryptocurrency

The ATO has released some further high-level guidance on the tax treatment of cryptocurrency which might be useful in determining the tax outcome for clients who are involved in cryptocurrency transactions.

Immediate capital deductions extended

Legislation passed by Parliament last month extends the rules to cover assets that are first used or installed ready for use by 30 June 2023.

COVID-19 Home Office hourly claim extended

The ATO has recently announced a further extension to the temporary shortcut method for claiming home office running costs, extending the method to the 30th June 2022.