The ATO has announced some key changes for 2023 and beyond, impacting individuals and investors.
You can no longer use the shortcut method, which has effectively been replaced by a revised fixed rate method of 67 cents per hour.
Or you can use the actual method.
The low and middle income tax offset (LMITO) ended on 30 June 2022.
This is one of the key reasons you may receive a lower refund than expected or a tax bill this year.
The $250 non-deductible threshold has been removed from 1 July 2022.
The set rate at for work-related car expenses deductions will increase to 85 cents per kilometre from 1 July 2023.
Or you can use the logbook method.
The ATO increasing its focus on investors, particularly investments in property and crypto assets.
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