Whats new in 2023?
Asset Write off - Full expensing of an asset is available to Small Business Entities regardless of whether it is utilising simplified depreciation for assets acquired and first used between 7.30 pm AEDT on 6 October 2020 and 30 June 2023.
Carrying back tax losses - Companies with a turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21, 2021-22 and 2022-23 income years to offset previously taxed profits in the 2018-19, 2019-20, 2020-21 and 2021-22 income years.
Temporary full expensing of small business assets ending soon - Businesses looking for an immediate impact deduction for this financial year may want to take advantage of this provision before it ends 30/06/2023. Seek professional advice for help making the decision. Learn more here: Temporary full expensing | Australian Taxation Office (ato.gov.au)
$20,000 write off provision - Small businesses may be able to immediately deduct the cost of eligible assets costing under $20,000 that are used or installed ready for use between 1 July 2023 until 30 June 2024 . Note this hasn't yet passed legislation. Learn more here: Small Business Support – $20,000 instant asset write-off | Australian Taxation Office (ato.gov.au)
Technology Investment Boost - Small businesses may be able to deduct an additional 20% of expenditure that involves business digital operations. Currently this provision will apply to expenses incurred between 29 March 2022 and 30 June 2023. Note this hasn't yet passed legislation. Learn more here: Small Business Technology Investment Boost and Small Business Skills and Training Boost | Australian Taxation Office (ato.gov.au)
Skills and Training Boost - an additional 20% deduction may be claimable for eligible courses. Learn more here: Small Business Technology Investment Boost and Small Business Skills and Training Boost | Australian Taxation Office (ato.gov.au)
Energy incentive - Small businesses may be able to deduct an additional 20% on spending that supports electrification and more efficient use of energy. Eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024. Note this hasn't yet passed legislation. Learn more here: Small business energy incentive | Australian Taxation Office (ato.gov.au)
The company tax rate is now at it's lowest at 25%.
STP finalisations are to be done by 14/07/2023.
The good news for you is that I continue to be focused on keeping up to date with the ever changing taxation landscape whilst getting the best results possible for you.
To ensure that your tax refund is not denied or reduced by the ATO, I strongly recommend that you give attention to the documentation requirements concerning the claims that you are likely to make in the 2021 income year. This means ensuring that you have your receipts or other substantiating documents on hand to justify your claims.
I continue to strive to make my service exceptional – so contact me to book either your: in-home, telephone, email or drop-and-go tax appointment at your earliest convenience. I look forward to hearing from you soon.
Asset Write off - Full expensing of an asset is available to Small Business Entities regardless of whether it is utilising simplified depreciation for assets acquired and first used between 7.30 pm AEDT on 6 October 2020 and 30 June 2023.
Carrying back tax losses - Companies with a turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21, 2021-22 and 2022-23 income years to offset previously taxed profits in the 2018-19, 2019-20, 2020-21 and 2021-22 income years.
Temporary full expensing of small business assets ending soon - Businesses looking for an immediate impact deduction for this financial year may want to take advantage of this provision before it ends 30/06/2023. Seek professional advice for help making the decision. Learn more here: Temporary full expensing | Australian Taxation Office (ato.gov.au)
$20,000 write off provision - Small businesses may be able to immediately deduct the cost of eligible assets costing under $20,000 that are used or installed ready for use between 1 July 2023 until 30 June 2024 . Note this hasn't yet passed legislation. Learn more here: Small Business Support – $20,000 instant asset write-off | Australian Taxation Office (ato.gov.au)
Technology Investment Boost - Small businesses may be able to deduct an additional 20% of expenditure that involves business digital operations. Currently this provision will apply to expenses incurred between 29 March 2022 and 30 June 2023. Note this hasn't yet passed legislation. Learn more here: Small Business Technology Investment Boost and Small Business Skills and Training Boost | Australian Taxation Office (ato.gov.au)
Skills and Training Boost - an additional 20% deduction may be claimable for eligible courses. Learn more here: Small Business Technology Investment Boost and Small Business Skills and Training Boost | Australian Taxation Office (ato.gov.au)
Energy incentive - Small businesses may be able to deduct an additional 20% on spending that supports electrification and more efficient use of energy. Eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024. Note this hasn't yet passed legislation. Learn more here: Small business energy incentive | Australian Taxation Office (ato.gov.au)
The company tax rate is now at it's lowest at 25%.
STP finalisations are to be done by 14/07/2023.
The good news for you is that I continue to be focused on keeping up to date with the ever changing taxation landscape whilst getting the best results possible for you.
To ensure that your tax refund is not denied or reduced by the ATO, I strongly recommend that you give attention to the documentation requirements concerning the claims that you are likely to make in the 2021 income year. This means ensuring that you have your receipts or other substantiating documents on hand to justify your claims.
I continue to strive to make my service exceptional – so contact me to book either your: in-home, telephone, email or drop-and-go tax appointment at your earliest convenience. I look forward to hearing from you soon.
Liability Limited By A Scheme Approved Under Professional Standards Legislation
Liability Limited By A Scheme Approved Under Professional Standards Legislation