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.
A new law has been passed which requires operators of electronic distribution platforms (like Airbnb and Uber) to provide information to the ATO on transactions made through their platforms.
Traditionally, there was a $250 threshold applicable to claiming self education expenses in your income tax return. However, from the 2022-23 tax year onwards, this threshold has been removed.
As we are all wringing out our wallets to find the money to accommodate the increased prices across all industries, the pressure is not set to steady out any time soon. Because there are now 3 things in life that are certain, death, taxes and private health insurance premium increases.
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