Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.
This month we look at:
• 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?
Click here to read the Rose Partners May 2023 Newsletter.
If you would like to discuss anything raised in the newsletter, please contact our Team