Tax Tips to Reduce Tax for 2023 Financial Year

Tax Tips to Reduce Tax for 2023 Financial Year

 

What’s new and remain this 2022 – 2023 Financial Year?

 

 

  • Removing the self-education expenses threshold

The $250 non-deductible threshold has been removed from the 2022–23 income year which makes it easier for individuals to claim a deduction for their self-education. The changes will also apply to the Fringe Benefits Tax (FBT) year starting on 1 April 2023.

 

  • Can still claim additional running expenses associated with working from home which include the following:

a. Energy (e.g., electricity and/or gas, etc.)

b. Cleaning

c. Phone

d. Computer consumables

e. Depreciation of office furniture

f. Depreciation of office equipment

 

What methods were available to claim home office running expenses starting 1 July 2022?

 

For the financial year 2023; the following methods are still available for deductions:

a. Fixed-rate method

From 52 cents it will now be 67 cents for those eligible taxpayers who are entitled to claim additional running expenses and satisfy ATO release conditions.

b. Actual Expenses method

 

  • Deductions under temporary full expensing for some or all of the assets are still available for the 2023 income year

 

  • New FBT exemption for electric cars

From 1 July 2022, employers do not pay FBT on eligible electric cars and associated car expenses. This is available for those taxpayers who will meet all the following conditions provided by the government.

 

Need assistance to reduce your tax? Call us now.

 

Yan (Jenny) Qi CA

Founder of Progress CA Pty Ltd

Contact no. 0403 050 779

Email: info@progressca.com.au

Website: www.progressca.com.au

 

Are you looking for an advisor that will keep you up to date and provide guidance and tips like in this blog? Then why not contact me at our Falconbridge office or Luera office in Blue Mountains office to arrange a one-on-one consultation? Just Book Free consultation up on the right to find the appointment options.

Yan Qi CA

 

 

 

 

Mobile: 0403 050 779

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