This edition features pieces on:

  • Upcoming federal budget: It’s now less than a fortnight until the Federal Budget which is to be handed down on 9 May. Some of the things to look out this year potentially include an announcement on the future of temporary full expensing and its possible replacement, the fate of the so-called stage three individual income tax cuts, and much more.
  • New reporting requirements for SMSFs: From 1 July 2023, trustees and directors of SMSFs must report certain events that affect their members transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR).
  • Financing motor vehicles: One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, including outright purchase, lease, chattel mortgage, and hire purchase…with each resulting in differing accounting, taxation and GST treatment.
  • Temporary full expensing…get in quick: On current legislative settings, the depreciation rules for business are set to change for the worse from 1 July. If you are considering investing in your business, it may be advantageous to get in before this date to take advantage of temporary full expensing.
  • Bringing forward super deductions: Businesses who pay superannuation guarantee contributions to their workers can optimize their 2022/23 tax position by bringing forward these contributions to before 1 July 2023. However, there are a number of important timing issues that must be adhered to.
  • Upcoming, year-end trust distributions: In good news for taxpayers who operate their business via trusts, the ATO has softened its position in this area following a recent decision by the Full Federal Court. What does this mean for upcoming trust distributions for 2022/23?

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.