Newsletter

The Australian Taxation Office (ATO) has published some key points to consider for 2023 income tax return preparation for business entities (companies, trusts and partnerships). 

The Australian Taxation Office (ATO) is encouraging small businesses that have overdue income tax returns, fringe benefits tax returns or business activity statements to take advantage of a new amnesty to get their lodgements back on track.

TEMPORARY FULL EXPENSING

Temporary full expensing (TFE) ended on 30 June 2023. Small businesses can still claim an immediate deduction for the cost of eligible assets first used or installed ready for use by 30 June 2023 in this year’s tax returns.

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses.