{"id":7178,"date":"2023-07-05T11:39:24","date_gmt":"2023-07-05T01:39:24","guid":{"rendered":"https:\/\/www.www.walshaccountants.com\/?p=7178"},"modified":"2023-08-16T13:58:29","modified_gmt":"2023-08-16T03:58:29","slug":"must-know-tax-changes-for-the-new-financial-year","status":"publish","type":"post","link":"https:\/\/www.walshaccountants.com\/must-know-tax-changes-for-the-new-financial-year\/","title":{"rendered":"Must-know tax changes for the new financial year"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7178\" class=\"elementor elementor-7178\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-323cd35 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"323cd35\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d3fe511\" data-id=\"d3fe511\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-182d672 elementor-widget elementor-widget-text-editor\" data-id=\"182d672\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As we begin the 2023-24 financial year, it&#8217;s important for businesses and individuals to be aware of and comply with tax changes. These changes can have an impact on financial strategies and responsibilities for both parties, so staying informed is crucial.<\/p><p>By understanding and adapting to the evolving tax changes, businesses and individuals can effectively manage their financial obligations. It&#8217;s essential to stay updated on any new regulations or adjustments that may affect how taxes are calculated and paid \u2013 and to be aware of any ATO target areas so you can ensure information provided to us is true and correct.<\/p><p>This article aims to outline the tax revisions that Australian businesses and individuals should be made aware of to ensure their compliance obligations are met. These include:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b235c7d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b235c7d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f1fca78\" data-id=\"f1fca78\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72d2d17 elementor-widget elementor-widget-text-editor\" data-id=\"72d2d17\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Business<\/b><\/p><ul><li>Instant asset write off returns with a $20,000 threshold<\/li><li>New tax incentive for small business to invest in energy-saving technology<\/li><li>July 1 wage increase<\/li><\/ul><p><strong>Employers and Business<\/strong><\/p><ul><li>Superannuation guarantee increases to 11% from 10.5%<\/li><li>National and Award minimum wage increases take effect<\/li><li>The minimum salary that must be paid to a sponsored employee &#8211; the <a href=\"https:\/\/minister.homeaffairs.gov.au\/ClareONeil\/Pages\/temporary-skilled-migration-income-threshold-raised.aspx\">Temporary Skilled Migration Income Threshold<\/a> &#8211; increased to $70,000 from $53,900<\/li><li>Work restrictions for <a href=\"https:\/\/immi.homeaffairs.gov.au\/visas\/getting-a-visa\/visa-listing\/student-500\/temporary-relaxation-of-working-hours-for-student-visa-holders\">student visa holders<\/a> reintroduced to 48 hours per fortnight<\/li><li>The cap on claims via the small claims court procedures for workers to recover unpaid work entitlements increases from $20,000 to $100,000<\/li><li><a href=\"https:\/\/www.energy.gov.au\/government-priorities\/energy-programs\/energy-bill-relief-fund\/energy-bill-relief-fund-small-businesses\">Energy Bill Relief Fund<\/a> for small business kicks in \u2013 it will apply to your energy bills if you meet the criteria<\/li><li>Sharing economy reporting to the ATO commences for electronic distribution platforms<\/li><\/ul><p><strong>Individual<\/strong><\/p><ul><li>Updated tax rates and thresholds<\/li><li>Key tax time targets<\/li><li><a href=\"https:\/\/www.ato.gov.au\/Individuals\/Income-deductions-offsets-and-records\/Deductions-you-can-claim\/Education-training-and-seminars\/Self-education-expenses\/Self-education-reduction-in-expenses\/#:~:text=1%20July%202022-,If%20you're%20claiming%20a%20deduction%20for%20self%2Deducation%20expenses,22%20or%20earlier%20income%20years\">Self-education reduction in expenses<\/a><\/li><li>Major target area \u2013 investment properties<\/li><\/ul><p><strong>Superannuation<\/strong><\/p><ul><li>Super guarantee rate increase to 11%<\/li><li>Indexation increases the general transfer balance cap to $1.9 million<\/li><li>Minimum pension amounts for super income streams return to default rates<\/li><li>SMSF transfer balance event reporting moves from annual to quarterly for all funds<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-967bb49 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"967bb49\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0741ef9\" data-id=\"0741ef9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7bf2fb9 elementor-widget elementor-widget-heading\" data-id=\"7bf2fb9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Business<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b2eb545 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b2eb545\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-370a92e\" data-id=\"370a92e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b5a73c6 elementor-widget elementor-widget-heading\" data-id=\"b5a73c6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\">Instant asset write-off returns with a $20,000 threshold<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d9cef0c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d9cef0c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-13456f3\" data-id=\"13456f3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-906b149 elementor-widget elementor-widget-text-editor\" data-id=\"906b149\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The instant asset write-off returns with a $20,000 threshold per asset from 1 July 2023 to 30 June 2024.<\/p><p>Small businesses, i.e. those with aggregated annual turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024. The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.<\/p><p>Assets valued at $20,000 or more (which cannot be immediately deducted) can be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year thereafter.<\/p><p>The instant asset write-off rules allow for the immediate deduction for the cost of a depreciating asset for small business entities. However, these rules were effectively replaced by temporary full expensing (which effectively allowed for the immediate write off of all eligible capital assets, without a monetary limit) in relation to depreciating assets first held, and used or installed ready for use for a taxable purpose, between the 2020 Budget time (6 October 2020) and 30 June 2023. Temporary full expensing therefore ends on 30 June 2023.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9741735 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9741735\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b119e40\" data-id=\"b119e40\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48849bf elementor-widget elementor-widget-heading\" data-id=\"48849bf\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\">New tax incentive for small business to invest in energy-saving technology<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b872d8f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b872d8f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9bbaf83\" data-id=\"9bbaf83\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d932a6 elementor-widget elementor-widget-text-editor\" data-id=\"4d932a6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Small Business Energy Incentive will help small and medium\u2011sized businesses to invest in their energy transformation.<\/p><p>The bonus tax deduction will provide businesses with an annual turnover of less than $50 million with an additional 20 per cent deduction on spending that supports electrification and more efficient use of energy.<\/p><p>It will help small businesses make investments like electrifying their heating and cooling systems, upgrading to more efficient fridges and induction cooktops, and installing batteries and heat pumps.<\/p><p>Tradies, manufacturers, restaurants, hairdressers, real estate agents and other small businesses are expected to benefit from the move.<\/p><p>However, certain exclusions will apply, such as:<\/p><ul><li>electric vehicles<\/li><li>renewable electricity generation assets<\/li><li>capital works<\/li><li>assets that are not connected to the electricity grid and use fossil fuels<\/li><\/ul><p>Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000 per business.<\/p><p>Eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9d019e8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9d019e8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4aeed27\" data-id=\"4aeed27\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c7b71e elementor-widget elementor-widget-heading\" data-id=\"7c7b71e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\">1 July 2023 wage increases <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-75b168e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"75b168e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b0a0930\" data-id=\"b0a0930\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e26366f elementor-widget elementor-widget-text-editor\" data-id=\"e26366f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>For employers, incorrectly calculating wages is not portrayed as a mistake, it\u2019s \u201cwage theft.\u201d 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. In 2021-22 alone, the Fair Work Ombudsman recovered $532 million in unpaid wages recovered for over 384,000 workers.<\/p><p><b>On 1 July 2023, award rates of pay and the National\nMinimum Wage increased by 5.75%.<\/b><br><\/p><p>It is critically important that all employers review their\npayroll systems and ensure they are applying the correct rates and Awards.<o:p><\/o:p><\/p><p>The National Minimum Wage applies to workers not covered by\nan Award or registered agreement. From 1 July 2023, the National Minimum wage\nhas increased to $23.23 per hour ($882.80 per week for a full-time employee\nworking a standard 38 hours week).<o:p><\/o:p><\/p><p>For casuals, the minimum wage including the 25% casual\nloading is a minimum of $29.04 per hour.<o:p><\/o:p><\/p><p>For workers under an Award, adult minimum award wages\nincrease by 5.75% applied from the first full pay period on or after 1 July\n2023. Proportionate increases apply to junior workers, apprentice and supported\nwages.<o:p><\/o:p><\/p><p><b>In addition, the superannuation guarantee increased from\n10.5% to 11% on 1 July 2023.<o:p><\/o:p><\/b><\/p><p>\n\n\n\n\n\n\n\n\n\n\n\n<\/p><p>If the employment agreement with your workers states the\nemployee is paid on a \u2018total remuneration\u2019 basis (base plus SG and any other\nallowances), then their take home pay might be reduced by 0.5%. That is, a greater\npercentage of their total remuneration will be directed to their superannuation\nfund. For employees paid a rate plus superannuation, then their take home pay\nwill remain the same and the 0.5% increase will be added to their SG payments.<o:p><\/o:p><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b879e80 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b879e80\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c4186e8\" data-id=\"c4186e8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69db65e elementor-widget elementor-widget-heading\" data-id=\"69db65e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Individuals<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-203fb50 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"203fb50\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0fd76f6\" data-id=\"0fd76f6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a627596 elementor-widget elementor-widget-heading\" data-id=\"a627596\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\">Changes to tax rates<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1b33418 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1b33418\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fa62f36\" data-id=\"fa62f36\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2ef988c elementor-widget elementor-widget-text-editor\" data-id=\"2ef988c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Personal tax rates &#8211; unchanged<\/strong><\/p><p>There are no changes to any personal tax rates or threshold in 2023-24.<\/p><p><strong>Resident rates and thresholds<\/strong><\/p><p>The 2023-24 tax rates and income thresholds for residents (unchanged since 2021-22) are:<\/p><ul><li>taxable income up to $18,200 \u2013 nil<\/li><li>taxable income of $18,201 to $45,000 \u2013 19% of excess over $18,200<\/li><li>taxable income of $45,001 to $120,000 \u2013 $5,092 plus 32.5% of excess over $45,000<\/li><li>taxable income of $120,001 to $180,000 \u2013 $29,467 plus 37% of excess over $120,000, and<\/li><li>taxable income of more than $180,001 \u2013 $51,667 plus 45% of excess over $180,000<\/li><\/ul><p><strong>Non resident tax rates and threshold<\/strong><\/p><p>For 2023-24, the tax rates for foreign residents (unchanged) are:<\/p><ul><li>$0 &#8211; $120,000 &#8211; 32.5%<\/li><li>$120,001 &#8211; $180,000 &#8211; 37%<\/li><li>$180,001+ &#8211; 45%<\/li><\/ul><p><strong>Low and Middle Income Tax Offset &#8211; not extended!<\/strong><\/p><p>There was no announcement to extend the LMITO beyond 2021-22 and therefore the LMITO has now ceased.<\/p><p>As a result, low-to-middle income earners may see their tax refunds from July 2023 reduced by between $675 and $1,500 (for incomes up to $90,000 but phasing out up to $126,000).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5bee65f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5bee65f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4397fcf\" data-id=\"4397fcf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e8f2936 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"e8f2936\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Tax time targets for individuals<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-04f4139 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"04f4139\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5907b9b\" data-id=\"5907b9b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b8aeba elementor-widget elementor-widget-text-editor\" data-id=\"4b8aeba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Key tax time targets include:<\/p><ul><li>Rental property income and expenses<\/li><li>Income and \u2018gifts\u2019 from online content creation (OnlyFans, YouTube, TikTok etc.)<\/li><li>Cryptocurrency gains<\/li><li>Gig economy workers (not declaring income)<\/li><li>Foreign income (not declared)<\/li><li>Work from home expenses (inaccurately claimed)<\/li><li>And as always, work related expenses (overclaimed).<\/li><\/ul><p>Increasingly sophisticated data-matching programs mean that the ATO is more likely to notice if you have failed to declare income from the sale of assets, income earned through platforms, and made a gain on crypto transactions.<\/p><p>You can offset your assessable income against any allowable deductions you can claim. To be tax deductible, an expense must be directly related to how you earn your income. When it comes to expenses, if you are claiming for items not normally associated with your industry, claim the same amount or same items each year (cut and paste claims), or claim amounts outside of the norm, then it is likely the ATO will take a closer look.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d45596 elementor-widget elementor-widget-heading\" data-id=\"4d45596\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\">Getting rental properties right<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-beb356d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"beb356d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d2df39f\" data-id=\"d2df39f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-14c59a9 elementor-widget elementor-widget-text-editor\" data-id=\"14c59a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you are earning income from an investment property, you can claim deductions for your expenses. These expenses fit into two categories &#8211; what you can claim now, and what is claimed over time.<\/p><p>You can claim interest on loans, council rates, repairs and maintenance, and depreciating assets costing $300 or less, in the year that you paid for them. Other items, like structural improvements, ovens, adding fences and retaining walls, are depreciated over time.<\/p><p>Rental properties are a major target for the ATO this year:<\/p><ul><li><strong>Rental\u00a0<\/strong><b>income <\/b>\u2013 Declare all rental income (including short term stays, renting out a room in your house, insurance payouts, rental bonds retained).<\/li><li><strong>Rental expenses<\/strong>\u00a0\u2013 Rental expenses can only be claimed for the portion of time that the property was rented or genuinely available for rent. If, for example, you did not make the property available for rent while you were renovating it, you cannot claim the cost of the expenses over this period. Sometime the ATO will argue that a property is not genuinely available for rent even if it is advertised as being available. This can be relevant for properties in locations where there is very little demand during certain times of the year.<\/li><li><strong>Interest and redraws<\/strong>\u00a0\u2013 If you have refinanced or redrawn on your rental property loan for personal expenses like holidays or a car, this will impact on the interest you can claim.<\/li><li><strong>Sale of assets<\/strong>\u00a0\u2013 If you earned income from a residential property (renting out a room or the whole house), then it\u2019s likely you will pay capital gains tax on any gain you make on the sale of the property. However, if the property was your home for a period of time, you might be able to claim a full or partial exemption from CGT. In some cases it will be necessary to obtain a valuation of the property at the time it is first used to produce income if it has previously only been used as your main residence.<\/li><\/ul><p>If you need some help to account for your rental property deductions, we have checklists and schedules available on our website \u2013 <a href=\"https:\/\/www.walshaccountants.com\/tax-preparations\/\">Tax Preparation Checklists<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9b79b26 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9b79b26\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-36ae5bf\" data-id=\"36ae5bf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1811fc elementor-widget elementor-widget-heading\" data-id=\"c1811fc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Superannuation<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ca52d38 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ca52d38\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e4c2098\" data-id=\"e4c2098\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f3b3ed2 elementor-widget elementor-widget-text-editor\" data-id=\"f3b3ed2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The super guarantee rate has increased to 11%.<br \/><br \/>The SG rate is on the rise, gradually increasing by 0.5% each financial year until it reaches 12% on 1 July 2025. Starting from 1 July 2023, the SG rate jumps from 10.5% to 11%.<br \/><br \/>As an employer, this means you\u2019ll be required to increase the amount of money you contribute to your employees&#8217; super accounts. Failure to comply with this new rate can result in penalties and fines.<br \/><br \/>To stay on top of things, give yourself enough time to update your payroll and accounting systems. This way, you can continue paying the correct amount of super for your employees.<br \/><br \/>Wondering when to start paying your employees the 11% SG?<br \/><br \/>Remember, it depends on the payment date, not the dates they worked. If you pay your employees in July for work completed in June, the rate is 11% because the payment date falls on or after 1 July 2023.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5522a9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5522a9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f43ce58\" data-id=\"f43ce58\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ccbee36 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"ccbee36\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dbe5975 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dbe5975\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b403d6\" data-id=\"3b403d6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a467631 elementor-widget elementor-widget-heading\" data-id=\"a467631\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">How can Walsh Accountants help you?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-421b2be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"421b2be\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3faa457\" data-id=\"3faa457\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e3f98b6 elementor-widget elementor-widget-text-editor\" data-id=\"e3f98b6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you need any assistance to understand how these tax updates will affect you or your business, please don&#8217;t hesitate to give our <a href=\"https:\/\/www.walshaccountants.com\/contact\/\">team<\/a> a call.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>As we begin the 2023-24 financial year, it&#8217;s important for businesses and individuals to be aware of and comply with tax changes. These changes can have an impact on financial strategies and responsibilities for both parties, so staying informed is crucial. By understanding and adapting to the evolving tax changes, businesses and individuals can effectively [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":7214,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[64,14],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Must-know tax changes for the new financial year | Walsh Accountants<\/title>\n<meta name=\"description\" content=\"Stay informed about the significant tax changes for the 2023-24 financial year in Australia. 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