What's changed in this year's tax return?
The 2022-2023 tax return may look different to your previous returns, but there’s a reason - and it’s probably due to an expiry date. Here are our top three reasons that your tax refund this year might not feel as bountiful as the previous year:
Work From Home Deductions Changed:
During the COVID-19 pandemic and lockdowns, the shortcut method was available to claim your running expenses (at 80 cents per hour worked). As an alternative, these expenses can be claimed using either the revised fixed rate method (67 cents per hour) or the actual costs method.
LMITO No Longer Available
In 2021-22, the lower-middle income tax offset will expire, making the 2021-22 return its final year of application. The result may be that your tax return looks different this year.
Temporary Full Expensing Ceases 30 June 2023
The Federal Budget 2023-24 does not extend the deadline for the Temporary Full-Expense measure, so it will end on July 1, 2023, and the write-off will return to $1,000. Rather than claiming depreciation upfront, companies will now need to spread out depreciation deductions for assets over $20,000 over a number of years.
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The TAS Team
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