Business insolvencies are back to pre-pandemic levels. How so? Because the Australian Taxation Office is now firing out director penalty notices to ramp up debt collection at full speed. We detail what a director penalty notice is, and what needs to be done if you are issued with one.
In the NSW Budget handed down by the NSW State Government, plans were announced to make some transfer duty optional. The scope of the proposal is quite limited at this stage, but if passed, it would become effective from January 2023.
As part of its election platform, the new Federal Government announced a policy to make certain electric vehicles exempt from import tariffs and Fringe Benefits Tax (FBT). We have detailled what the proposal looks like at this stage.
New rules were introduced that allow eligible people to claim tax deductions for the unused portion of their super concessional contributions caps from prior years. The benefit of this is that it brings tax deductions into the current financial year that would have otherwise been in excess.
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