Client Alert – February 2023

We are pleased to supply you with the latest edition of our Client Alert, which contains information on a number of important taxation developments:

• How good is ChatGPT at tax? Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system. We demonstrate the results of our test question and our commentary.
• Full throttle in 2023 In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough. We share our must does for any business looking to embrace growth.
• Is ‘downsizing’ worth it? Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs.
• The ATO’s final position on risky trust distributions The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach.

Other updates and reminders: