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 does tax apply to electric cars? – Just in time for the FBT year that started on 1 April, the ATO has released new details on electric vehicles – how the FBT exemption applies, when it doesn’t, home charging units, claiming the cost of electricity.
- Company money: A guide for owners – When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right? Repaying money loaned to the company, dividends, repaying share capital, shareholder loans, etc
- Budget 2023-24 – In the election cycle, if there is going to be a tightening, the mid-term Budgets are the time to do it. The Government will undoubtedly look at concessions provided within the tax system and whether those concessions meet their stated objective and when it comes to spending, potentially redraw the allocations. We explore the areas to watch.
Other updates and reminders:
- Selling a business? The pros and cons of earn-out clauses
- What sharing platforms are sharing with the ATO
- Update: Tax on super balances above $3m
- Taxpayers not carrying on a business of “agistment”
- Deduction for legal expenses for past economic loss allowed
- NSW land tax: No primary production exemption – meaning of “dominant use”
- ATO data-matching program: residential investment property loans
- Super: Govt provides more details on 30% tax for balances over $3M