All of the latest tax news, views and clues for February 2023.

This Alert addresses:

  • Non-deductible threshold removed for self education expenses – Self education expenses have generally been tax-deductible for individuals if there’s a connection with your income-producing activities, until new legislation was recently passed.
  • Tax debts and relationship breakdowns: a warning from the ATO – A recent case has shed light on the ability of the Family Court to allocate responsibility for payment of the tax debts of either spouse. The ATO warns that it can and will intervene in family law disputes to protect the revenue due to the Commonwealth.
  • Sharing economy reporting regime commences soon – As a part of the Federal Government’s strategy to combat the tax compliance risks posed by the sharing economy, it has passed into law new requirements for operators of electronic distribution platforms to provide information to the ATO on transactions made through their platforms.
  • Administrative Appeals Tribunal to be replaced – The Federal Government has announced that it will abolish the Administrative Appeals Tribunal (AAT) and replace it with a new Federal administrative review body.
  • SMSF changes and reminders for 2023 – If you’re thinking of starting a self managed superannuation fund (an SMSF) in 2023, you need to be aware of the recent changes made by the ATO on fund registration, and the application of the Director ID regime to funds with corporate trustees.