February '23 Business Round-Up
Dillon Clyne
We are an accounting firm in Melbourne. Services: accounting, wealth generation, taxation, and corporate advisory.
This month we feature new updates on tax laws and super contributions. Your latest financial knowledge, always bite-sized.
Certain zero or low emissions vehicles provided as a car benefit on or after 1 July 2022, can be exempt from FBT.?For the 2023 income year, to qualify for this exemption, the car needs to cost less than the luxury car tax threshold for fuel efficient vehicles of $84,916.?
A vehicle is a zero or low emissions vehicle if it satisfies both of these conditions:?
? It is a:?battery electric vehicle; or?hydrogen fuel cell electric vehicle; or?plug-in hybrid electric vehicle.?
? It is a car designed to carry a load of less than 1 tonne and fewer than 9 passengers (including the driver).?
The eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023.?From 1 January 2023, eligible individuals aged 55 years or older can choose to make a downsizer contribution into their super fund of up to $300,000 per person ($600,000 per couple) from the proceeds of selling their home that has been held for at least 10 years and qualifies for at least a partial main residence exemption.?
There are no changes to the remaining eligibility criteria.?
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Do not make the same mistake or you could be charged more input tax. The Administrative Appeals Tribunal has held that a builder was unable to receive a refund of GST incorrectly charged on the sale of a residential premises that had been rented for just over five years since construction was complete.?
Unfortunately for the builder, this requirement was not satisfied because the unit was also marketed for sale a few months before the completion of the five-year period since the issue of the certificate of occupancy.?
A lesson to be learnt here is that any time a residential premises is both rented and on the market for sale it does not meet the requirements to count towards the five-year continuous period that it has “only been used for making supplies that are input taxed.”?
Please note that the content is not the full extent of legislation or cases and are general in nature. Whenever you need professional accounting, taxation, and business advisory assistance, Dillon Clyne team is always here for you.
Learn more about our services: www.dillonclyne.com.au?
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Phone (03) 9696 1788?
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