2023
Reading Room - 2023
The end date for temporary full expensing rules is 30 June 2023. The government has announced a temporary increase in the instant asset write-off to $20,000 from 2023-2024.
The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and has published the startling questions they will be asking to scrutinise claims.
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
The ATO has a new approach to deductions for costs when you work from home. From July 2022, you can choose a fixed rate or actual cost method.
When you have a Pension account, every financial year you need to withdraw a minimum amount. The amount is set by the government, is based on your age and increases as you get older.
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