All of the latest tax news, views and clues for October 2023.
This Alert addresses:
- ASIC’s call on lenders to support customers – ASIC’s recent open letter reminds lenders that they must have suitable arrangements in place to respond to requests for assistance from customers and work cooperatively to find sustainable solutions.
- The ATO’s clarification on subscriptions included in digital adoption boost – New and ongoing subscription costs can also qualify as eligible deductible expenditure if it relates to a business’s digital operations.
- Recommended improvements for small business litigation funding – A recent Inspector-General of Taxation and Taxation Ombudsman (IGTO) report has recommended improvements aimed at delivering better access to justice and fairness for small businesses.
- SMSF compliance activity escalation – The ATO has ramped up its compliance activity in response to an increasing number of funds that have been identified as not complying with superannuation obligations.