Taxwise Individual News September 2022

What’s new? – Income tax thresholds Various income tax threshold amounts, and rates increased for the 2022–23 income year. These are listed below. Item Threshold/rate for 2022–23 CGT improvements $162,899 Div 7A benchmark interest rate 4.77% Car limit (depreciation) $64,741 Car expenses – cents per kilometre method 78 cents/km Reasonable meal expenses – employee truck…

Taxwise Business News September 2022

What’s new? – Tax changes from 1 July 2022 A number of income tax and superannuation changes relevant to businesses took effect from 1 July 2022, including: temporary full expensing (allows an immediate deduction for the cost of a depreciating asset) was extended by 12 months to 30 June 2023; the loss carry back (allows…