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:-

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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.

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You may need to lodge a TPAR if your business made payments to the following services:

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•       building and construction;

•       cleaning;

•       courier and road freight;

•       information technology (IT); or

•       security, investigation or surveillance.

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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. 

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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.  

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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.