2023 Checklists & Tax Changes

Happy new financial year! Below are some of the changes to be aware of which from 1 July 2023:

  1. There’s an increase in superannuation guarantee to 11% (was 9% in 2013 and will be 12% by 2026).
  2. The instant asset write-off reduced to $20,000.
  3. The national minimum wage and award rate was increased to $23.23 per hour.
  4. Single Touch Payroll reports need to be finalised by 14 July.
  5. Concessions and incentives for small business energy initiatives. Unfortunately this is another incentive which hasn’t been legislated yet resulting in uncertainty until the legislation passes.  (Small business energy incentive | Australian Taxation Office (ato.gov.au))
  6. Changes to the paid parental leave (PPL) scheme so that both parents can access some of the PPL by pooling the leave. Additional common sense changes were made to the eligibility requirements.
  7. Removal of the $250 self-education expense threshold so the full self-education expense can be claimed now.
  8. The ‘lamington’ (Low and Middle Income Tax Offset) was removed back at 30 June 2022 but taxpayers will notice the impact once their tax returns for the year ended 30 June 2023 are lodged.

2023 Tax Return Checklists

  1. ‘Is it tax deductible’ checklist
  2. 2023 tax return items to consider
  3. 2023 Working from home notes
  4. 2023 Business financial accounts & tax checklist
  5. 2023 Individual tax return checklist

22 06 30 - 12 Month Calendar of Due Dates

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