We have been through this weeks budget changes and following are some of the changes that may affect you.
When you lodge your 2022 tax return you may receive an increase to low and middle income tax offset to $1500 for each individual whose income is under $126,000.
The Medicare levy low income threshold for singles is now $23,365 and families $39,402 (increasing by $3619 per child)
The cost of COVID tests in order to attend a place of work are now tax deductible
Training expenses within Australia for SME businesses will be able to deduct and additional 20% claim in the following tax year
SMEs will also be able to deduct an additional 20% claim on technology investments and assets up to $100,000 per year in the following tax year
We see these as the significant changes that may affect your tax and accounting reporting, and we will stay up to date with all the changes and amendments as they pass through parliament.
As always, please contact us if we can be of any assistance or if you have any queries in relation to the budget changes
Vanessa and the team at Mirandas