What changed on 1 July 2023

It’s a new financial year. Here are some important changes that came into effect on 1 July 2023 that you should be aware of.

Taxation, Financial AccountingJPR BUSINESS GROUP1 July 2023tax deductions, Taxation

Right to Super to be Enshrined in National Employment Standards

The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).

$20K Small Business Energy Incentive

In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000.

'OnlyFans' Tax Risk Warning

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.

TaxationJPR BUSINESS GROUP4 May 2023onlyfans, tax, taxation, side hustle

ATO Rental Property Blitz

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.

TaxationJPR BUSINESS GROUP2 May 2023tax, rental property, ATO, australian tax office

Access to Home Guarantee Scheme Expanded to Friends and Siblings

From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years.

update: tax on super balances above $3m

In a very quick turnaround from announcement to draft legislation, Treasury has released the exposure draft legislation for consultation to enact the Government’s intention to impose a 30% tax on future superannuation fund earnings where the member’s total superannuation balance is above $3m.

What sharing platforms are sharing with the ATO

From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.

How does tax apply to electric cars?

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles.

Financial AccountingJPR BUSINESS GROUP14 April 2023electric vehicle, electric cars, EV

Budget 2023-24

The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business.

Financial Accounting, Superannuation, TaxationJPR BUSINESS GROUP10 April 2023Budget, federal budget