August 2023 Newsletter
Please click on the following link to view this month's newsletter for August 2023. We would like to highlight the following articles:-
Paying contractors? Get ready for your TPAR
Businesses and government entities who make payments to contractors may need to report these payments and lodge a Taxable payments annual report (TPAR) with the ATO. Contractors can include subcontractors, consultants and independent contractors. They can operate as sole traders (individuals), companies, partnerships or trusts.
You may need to lodge a TPAR if your business made payments to the following services:
• building and construction;
• courier and road freight;
• information technology (IT); or
• security, investigation or surveillance.
A TPAR must be lodged by 28 August each year. Please contact us immediately If you require assistance with lodging your TPAR with the ATO.
Instant asset write-off: is your business eligible?
From 1 July 2023, the Temporary full expensing of assets measure the Government introduced to stimulate the economy during the COVID-19 pandemic has ceased. Temporary Full expensing allowed businesses with an aggregated turnover below $5 billion to deduct the full cost of all new eligible capital assets first held and first used or installed ready for use for a taxable purpose, between 6 October 2020 and 30 June 2023.
However, small businesses with turnover less than $10 million will still be able to immediately deduct the cost of eligible assets, where the purchase price is less than $20,000 and the asset was first held and first used or installed ready for use for a taxable purpose, between 1 July 2023 and 30 June 2024.
The $20,000 threshold applies on a per-asset basis, so small businesses can instantly write off multiple assets.
Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.