All of the latest tax news, views and clues for August 2023.
This Alert addresses:
- ATO motor vehicle data matching program extended – For 2022–2023 and 2024–2025, the ATO will continue to collect information about vehicle transfers and new registrations where the purchase price or market value is $10,000 or more.
- Using the cents per kilometre method for claiming car expenses – This method is a simple way to work out how much you can deduct for car-related work or business expenses.
- Paying contractors? Get ready for your TPAR – Businesses that make payments to contractors may need to report these payments and lodge a taxable payments annual report.
- Instant asset write-off: is your business eligible? – Small businesses can claim an immediate deduction for the business portion of the cost of a depreciating asset in the year the asset is first used or installed ready for use.
- Developments in GST guidance for crypto assets – For GST purposes, the ATO says that digital currency is a crypto asset utilising cryptography and distributed ledger technology to make secure transactions.
- Beware SMSF schemes: residential property purchase – People who may have been persuaded by slick marketing or promoters and inadvertently entered into these super schemes are urged to contact the ATO.