Tax

Under the technology boost, small businesses may be able to access a bonus 20% tax deduction on eligible technology expenses and depreciating assets which are used to digitise their operations. Dates: for expeneses incurred between 7:30 pm AEDT 29 March 2022 to 30 June 2023 (note there from 29 March 2022 – 30 June 2022 would normally fall into the 2022 tax return however the bonus for that income year should be claimed in 2023 tax return) Limits: Bonus deduction is limited to $20,000 per year (ie on expenses up to $100,000 pa). That is; 7:30 pm AEDT 29 March 2022 to 30 June 2022 –

The end of financial year is almost here and there is little time left to get your affairs in order. This year, there are some tax changes likely to affect you whether you’re a business owner, a salaried employee, an investor, or a retiree. Here are a few key points to consider but remember that everyone’s situation is unique so always contact us directly for specific advice. Table of Contents For Individuals More scrutiny from the ATO The recent Federal Budget was a sign that fiscal restraint was not exactly on this government’s agenda and it is evident that a shift