NEWSFLASH #1 Spring 2023

Update on RATES – Contact our office for details on any of the following:

• The Working from home Fixed rate has dramatically changed from 52 cents to 67 cents per hour.
• The Cents per Kilometre rate updates from 72 cents per km to 78 cents per km.
• Fuel Tax Credits (FTC) have updated. For Liquid Fuels, travelling on public roads the rate is now 18.9 cents per litre (effective 1 July 2023), revised down from 20.5 cents (effective from 1 February 2023 to 30 June 2023). FTC can be claimed on your Business Activity Statements. Contact our office to get registered.
• The Low and Middle income Tax Offset has now concluded, effective 30th June 2022. As a result, your tax refund for this tax Season 2023, may be reduced and lower than previous years.
• For tax planning, the tax thresholds and rates are changing from 4 brackets down to 3, effective from 1 July 2024. As you are completing your tax obligations this year, consider your tax goals for the next 12 months.