2022/23 BUDGET SNAPSHOT

2022/23 BUDGET SNAPSHOT

Low and Middle Income Tax Offset (LMITO) – has not been extended. The maximum tax offset of $1,500 is only applicable for the 2022 financial year and has not been extended for the 2023 financial year. SMSF Audits every 3 years Abandoned – the 2019 Budget proposed that...

Home Office Claim changes

The way to claim home office has changed from 1st July 2022 From 1st July 2022, the “Shortcut Method” is not longer an eligible method to claim your home office expenses. How to record and make Home office claims from 1st July 2022 Fixed Rate Method You can claim a...