We are pleased to supply you with the latest edition of our Client Alert, which contains information on a number of important taxation developments:
- The 120% technology and skills ‘boost’ deduction – Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their staff, is finally law. But there are a few complexities…
- Backing a winner: Digital games tax break – The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021 generating $226.5 million in income and employing over 1,300 fulltime workers. And, it’s an industry the Government wants to support with a new tax offset.
- Important: 1 July 2023 wage increases – On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%. For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation.
Other updates and reminders:
- The 120% technology and skills ‘boost’ deduction
- Backing a winner: digital games tax
- What changed on 1 July 2023
- Important: 1 July 2023 wage increases
- Cents per kilometre increase
- Tax Ready
- Upcoming Tax Seminars