The chances are that you’ve heard ChatGPT being mentioned heavily in your social feeds and in business articles in recent months. But what exactly is ChatGPT? In essence, it’s an artificial intelligence (AI) tool that promises to automate a lot of tasks, including write your content for you.

But do these AI content-writing tools live up to the hype? And what’s the best way to balance using a solution like ChatGPT with the core skills of good human-powered writing?

What does ChatGPT do?

ChatGPT is an AI chatbot model from OpenAI that can produce complex, well-written responses to any prompt you give it. It uses a huge database of sources to provide you with complete blog posts, articles, email – in fact, it will write whatever you ask it to.

Is AI content writing the answer to your business prayers?

If you believe what technologists and business leaders are saying, these AI tools have the potential to replace a lot of the human work involved in writing. This could mean writing your blog posts, sales emails, or even looking after your internal comms. (There will be a lot of other functions the tools will be applied to, but we are focussing on writing here)

But does a solution like ChatGPT live up to this promise? Yes and no. Here are a couple of things that you’ll want to bear in mind when you use these tools.

1. Creating content that stands out

ChatGPT can certainly provide you with business content – but it can be quite generic and bland. This generic nature of AI content may be a problem. You want your brand content to stand out and be unique – but this is more difficult when using the same AI tools as every other small business. As Tom Fishburne puts it, the issue is that ‘much of what is created is already a sea of sameness, written more to appease Google’s search algorithms than actual people.’

A human, like you and me, has opinions, personality and can deliver unique insights. AI cannot do this. It’s limited to the source data and models it’s been provided with. So, if you want your business content to stand out, you need an experienced human writer who writes for humans not just the bots.

Content writing is as much about having good ideas as it is about writing well. So, what you input as your prompt to the AI is just as important as the text that the software spits out.

2. Content accuracy

When Chat GPT’s rival, Bard was first launched it wrongly attributed the discovery of an exoplanet to a telescope that didn’t exist at the time of the discovery. The problem is that the internet has become increasingly cluttered with fake news, spam links and content that’s designed purely for SEO. So it’s no wonder that the AI will sometimes provide you with content that is inaccurate.

As a business owner you’ll want to make sure that a human is involved – to create a unique and original brief and then to review the output for accuracy and relevance for your brand and your audience.

What’s the best balance between AI and human writing?

AI tools are useful. But, at present, you still need a human in the equation. Someone to come up with the ideas, write intelligent prompts for the AI and edit the output so it sounds more human and personalised.

Working with both AI tools AND a content professional is the best way to ensure you’re getting the eye-catching content you deserve.

The team had the privilege to listen to the 25th Prime Minister of Australia, John Howard, on Friday afternoon. His insightful opinions on the economy, current government, and international affairs were truly inspiring. He is an exceptional person who has left a significant mark on Australian politics and governance.

Single Touch Payroll (STP) is a government initiative that requires employers to report their employees’ tax and superannuation information to the Australian Taxation Office each time they run their payroll.

Instead of reporting this information at the end of the financial year, employers now need to submit this information to the ATO after each pay run using compliant software. STP streamlines the process of reporting payroll information, reduces errors, and ensures that employees are paid accurately and on time.

STP Phase 2 requires extra information to be reported with each STP pay event. Additionally, Phase 2 submits the pay run information to multiple government agencies by using standardised categorisation of income and payroll components.

Xero users were able to take advantage of a deferral before making this transition, but this is coming to an end, meaning all Xero Payroll users must transition to the Phase 2 reporting standard. Mandatory Phase 2 reporting is set to commence from 31 March 2023.

Get in touch if you need help, We can review your payroll software and systems before upgrading to STP Phase 2.

The Australian Taxation Office (ATO) has refreshed the way that taxpayers claim deductions for costs incurred when working from home. The changes better reflect contemporary working from home arrangements.

Taxpayers can choose one of two methods to claim working from home deductions – “actual cost” or “fixed rate” method. Only the fixed rate method is changing.

The revised fixed rate method applies from 1 July 2022 and can be used when taxpayers are working out deductions for their 2022–23 income tax returns.

From 1 July 2022 to 28 February 2023, the ATO will accept a record which represents the total number of hours worked from home (for example a 4 week diary). From 1 March 2023 onwards, taxpayers will need to record the total number of hours they work from home.

Revised fixed rate method

The revised fixed rate method can be used from the 2022–23 income year onwards. The changes are:

Rate

• The cents per work hour has increased from 52 cents to 67 cents.

What’s covered by the rate

• The revised fixed rate of 67 cents per work hour covers energy expenses (electricity and gas), phone usage (mobile and home), internet, stationery, and computer consumables. No additional deduction for any expenses covered by the rate can be claimed if you use this method.

What can be claimed separately

• The decline in value of assets used while working from home, such as computers and office furniture.
• The repairs and maintenance of these assets.
• The costs associated with cleaning a dedicated home office.

Home office

• The revised fixed rate method doesn’t require taxpayers to have a dedicated home office space to claim working from home expenses.

Record keeping

• Taxpayers need to keep a record of all the hours worked from home for the entire income year – the ATO won’t accept estimates, or a 4-week representative diary or similar document under this method from 1 March 2023.
• Records of hours worked from home can be in any form provided they are kept as they occur, for example, timesheets, rosters, logs of time spent accessing employer or business systems, or a diary for the full year.
• Records must be kept for each expense taxpayers have incurred which is covered by the fixed rate per hour (for example, if taxpayers use their phone and electricity when working from home, they must keep one bill for each of these expenses).

Actual cost method

The actual cost method hasn’t changed. Taxpayers can claim the actual work-related portion of all running expenses.

This includes keeping detailed records for all the working from home expenses being claimed, including:

• all receipts, bills and other similar documents to show taxpayers have incurred the expenses, a record of the number of hours worked from home during the income year (either the actual hours or a diary or similar document kept for a representative 4-week period to show the usual pattern of working at home).
• a record of how taxpayers have calculated the work-related and private portion of their expenses (for example, a diary or similar document kept for a representative 4-week period to show the usual pattern of work-related use of a depreciating asset such as a laptop).

The ATO is reminding taxpayers that if they are claiming their actual working from home expenses, they can’t claim a deduction for expenses which have already been reimbursed by their employer.

More information

No matter which method is used, if taxpayers purchase assets and equipment for work and it costs more than $300, they can’t claim the full amount immediately. For each of these items, the deduction must be claimed over a number of years and the work portion claimed (known as decline in value or depreciation).

Taxpayers need to keep a record of all the hours worked from home for the entire income year – the ATO won’t accept estimates, or a 4-week representative diary or similar document under this method from 1 March 2023.

Employees of non-small business employers can now access 10 days of paid family and domestic violence leave in a 12-month period.

Employees of small businesses can access the leave from 1 August 2023.

Employees have had an entitlement to unpaid family and domestic violence leave (FDVL) for some time as part of the National Employment Standards (NES). But as of 1st February this is a paid leave entitlement for employees of larger employers and 1 August 2023 for employees of small employers (fewer than 15 employees).

The new law allows ten days of paid leave every 12 months, but the leave does not roll over and accumulate.

The full pay rate will apply as if the employee had worked as usual on the day of the leave.

The new FDVL means employees can take time off to deal with the impacts of domestic violence or abuse if they need to take care of things during working hours. This includes attending court, accessing police or support services, or making arrangements for the safety of oneself or close relatives.

FDV Leave Eligibility and Proof

• Applies to all employees, permanent and casual.
• Close relatives include a spouse, partner, former partner, child, grandchild, parent, grandparent or sibling; or the child, parent, grandparent, grandchild or sibling of a current or former spouse or partner. Torres Strait Islander and Aboriginal kinship relatives are also included.
• The leave is available as soon as an employee starts with an employer.
• Employees must inform the employer as soon as possible about the need for FDVL and the expected length of leave.
• The employer can ask for evidence such as police, court, or support service documents, or a statutory declaration, even if the leave period is less than a day.

Plan for Increased Payroll Costs

Because the new leave provision applies from day one of employment for all employees, employers should plan for the potential cost of the leave. While it’s unlikely that all employees will take this leave, preparing for the possible cost means you won’t get caught out if you do have to pay FDV leave, particularly for casual workers.

Book a time with us if you’d like to start planning for payroll changes.

A great business idea is an excellent starting point for a company. But without funding to provide the necessary capital, your business idea could be dead before it’s even begun.

To quote a well-worn phrase, ‘Cash is King’ and that means it’s critical to start thinking about funding as early as possible in the journey. Think about how much investment you’ll need to get going, the different routes to funding and the best ways to approach investors and lenders.

Calculate your startup costs

Working out your startup costs gives you an approximate figure for your initial investment in the business. Armed with this figure, you can start looking at how much cash will be needed to kickstart your initial business idea.

Think about costs like; buying computer equipment, office furniture and desks, equipment and tools, vehicles and all the other things needed to become operational.

Estimate your average monthly expenditure and revenues

In the most basic terms, your startup’s financial model is a process of money going out on costs (expenditure) and income coming in from sales and other sources (revenue). Estimating your expenditure and revenue will help you understand if the business can actually generate a profit.

Make a list of your expected monthly expenditure. This could include your office rent, business rates, software subscriptions, the costs of raw materials, your utility bills, staff payroll and any wage you plan to pay yourself. Then, estimate the number of sales you’re likely to make in a month and work out the revenue this will generate. For the business to be viable, your revenue MUST be larger than your expenditure. If not, you’ll never have any profits at month-end.

Review your funding position

You should now have a fairly good idea of your initial startup costs and your monthly expenditure. It’s sensible to give yourself at least 6 months before you start generating meaningful sales revenue, so you’ll need to factor this into your funding plans.

If your startup costs come to 5,000 and your monthly costs come to 4,000, you’ll need 29,000 up front to kickstart the business (4k x 6 + 5k). That’s a significant amount of money and, unless you’re very fortunate, it’s unlikely you’ll have this kind of cash just sitting around.

Explore different routes to funding

There are plenty of different ways to raise the necessary startup fund. What works best for you and your business will differ depending on your situation, your credit rating and your ability to convince lenders and investors of the viability of your business idea.

Usually speaking, you have the options of:

• Borrowing money from friends and family who believe in your idea
• Borrowing from banks and other lenders who can see the startup’s potential
• Appealing to external investors, such a private investors or venture capitalists

To make your funding search successful:

• Know what you need to borrow and why – be clear about your key objective, why you need to source additional money and how this funding will be used
• Have a clear budget and financials – lenders will take you more seriously if you’ve estimated your budget and have done your homework when looking at the numbers.
• Look for the best terms and interest rates – when taking out a loan, shop around and look for lenders who can give you the best possible deal. A loan on unfavourable terms will be more of a hindrance than a benefit.
• Partner with investors who share your vision – taking cash from external investors helps to quickly boost your cash reserves, but these investors also need to share your aims and vision for the business. Disagreements can be highly disruptive.

If you’re at the early stages of planning out your business idea, please do get in touch. We can help you review your cash needs and create a meaningful funding strategy for the business.

It’s that time of year again – where we talk about the best new year’s resolutions for your business to capitalise on potential missed opportunities from the past year, as well as new ways of operating to make the coming year more successful. Small changes in your organisation’s approach to doing business and internal processes to help train staff and keep them engaged can have a profound impact on how your organisation navigates the coming year… and that’s what we’ll be tackling today.  

While 2022 was no doubt another challenging year that businesses both small and large have faced in modern times, it is also a year that has presented a number of opportunities to learn new ways of operating, the potential for experimentation and innovation in your products and services, as well somewhat forcing organisations to become more agile as a whole. 

So, with that, let’s talk about the best new year’s resolutions for your business to help steer you into 2023 with the confidence, direction and strategic-underpinning that businesses, stakeholders and customer confidence demand in the modern era. 

Not only will your employees have more skills as their disposal to leverage in their position within your organisation, they’re likely to be more productive for longer periods of time. They’re also likely to stick with your organisation for a longer period of time, due to the recognition that the executive team is willing to invest time and resources into their professional development. 

There’s no losers in this equation, so as you move into 2023, think about how you can create a learning or coaching culture in your organisation. 

SCHEDULE CATCH-UPS, NOT LONG MEETINGS 

“This meeting could have been an email,” is something we’re sure you’ve heard before. Hour-long meetings that contain little substance are increasingly redundant, and you should think more about scheduling short employee catch-ups, rather than long, tedious meetings. This is due to the fact that meetings are a listening exercise, while catch-ups are an up-close and personal learning exercise that can extract the same, if not more meaning from a ten-minute conversation than an hour-long meeting.  

Meetings, particularly in the context of strategic planning sessions for the management team are no doubt essential- but this doesn’t necessarily extend to every member of your team. So, as you move into the new year, consider how you can leverage short, punchy and informative catch-ups to ensure team alignment, and hopefully you’ll see the benefits of increased productivity once you’ve gotten rid of long, tedious meetings. 

LET YOUR CUSTOMERS KNOW YOU APPRECIATE THEM 

Now is the time of year that you should be acknowledging your most important stakeholders: your customers. You simply wouldn’t exist without them, so why not let them know that? You can show this appreciation either with a kind-hearted email to your database explaining the year that was 2022, and how 2023 is shaping up for your organisation, or you can take a more tangible approach. You could deploy special customer-only offers and specials, or ways to incentivise positive online reviews or referrals from your existing customers. 

Too often businesses take their customers for granted, so as you move into 2023, let them know just how much you appreciate them choosing your organisation over your competitors. 

CAPITALISE ON YOUR ULTRADIAN RHYTHM 

Without structure, it’s impossible to maintain high performance and an exceptional quality of work over a long period of time. An organisation working without structure will become disorganised and less productive than its competitors, and the same applies to the human body. One of the most impactful new year’s resolutions you and your staff members can make is to understand and capitalise on your ultradian rhythm, which will help you become both more organised and productive in 2023. 

While it might have a technical name, the concept is remarkably simple. Your ultradian rhythm works in a similar way to your circadian rhythm, which dictates your sleep patterns; it’s just the reverse, as it dictates your productivity patterns. As we work throughout the day, we enter peaks of productivity and troughs of sluggishness that impacts our productivity. If you can begin to schedule your day around these rhythms, you can, in fact, get more productivity out of your day even though you’re leveraging the same eight-hour work day as before. Now, however, those hours are scheduled appropriately, and will allow you to channel your energy into projects that demand your attention, while conducting less intensive activities when your body has entered one of those troughs. 

GET ON TOP OF YOUR CYBER SECURITY RISKS 

This is something that, unfortunately, a large number of organisations won’t realise the importance of until it’s too late. As we move into 2023, online scammers and hackers are increasingly turning their criminal activities toward small and medium sized organisations. This is because they know that these organisations represent an ‘easy target,’ to capitalise on. No matter how small or humble your operations are, your organisation holds extremely valuable data, and you have an obligation to keep that data safe. 

You’re able to work with an internationally-recognised framework that addresses your potential cyber risks, and areas to innovate and improve upon as you move into the future. While this might not be a huge trend right now, it’s only a matter of time before customers will gravitate only toward organisations that take cyber security risks seriously; the risks are simply too high otherwise. 

LEARN SOMETHING NEW

This new year’s resolution is something that won’t be a surprise to anyone, but, learning new skills and furthering both your personal and professional development is essential to your mental health and your attractiveness as a candidate in your current and potential future positions. There’s a number of benefits in this regard: if you’re burnt out at work, learning a new skill or hobby will help your brain cope with work-related stresses and presents you with an opportunity to unwind. It’s also essential to further our professional development with new skills and modern tactics to ensure we’re meeting international best practices of conducting business. 

Whatever the reason or motivation, learning something new over the holiday break and into 2023 is essential to maintaining your productivity, professional development and consolidating your mental strength into the future.  

GIVE BACK TO YOUR LOCAL COMMUNITY 

As we mentioned earlier, your organisation owes a lot to its customers, and this extends to the local community in which you operate, too. It’s likely that word of mouth referrals within the local community have helped your organisation secure more customers, or at the very least, improved your reputation in the market as a reliable trustworthy vendor that offers a high level of quality in its products and services. With that in mind, giving back to the local community is one of the most inspiring ways to show your appreciation, and it doesn’t necessarily require a huge amount of resources, either. You could volunteer your time, or ask your team to volunteer some of their time in exchange for a day off work to help with local projects or initiatives that support the less fortunate. You could support a local charity or sporting team, you could donate some of your organisation’s supplies or electronics to those in need, or you could make a monetary donation. Whatever it is, just make sure you’re making some effort to channel your resources into something worthwhile in your local community 

Yes, this is an opportunity that you can use in your marketing in the future, but it’s also a selfless opportunity for your organisation to show thanks to one of its most important stakeholders. 

SET B.H.A.G. GOALS

Now, strategically, your organisation needs to think about some B.H.A.G – Big, Hairy, Audacious Goals – for 2023. These shouldn’t be pie in the sky ideas- they should be based in some reality, but they should also be challenging enough that you really need to work at them. Look at your dashboard of statistics, and take note of a number… it could be any number, and think about what you think you can push this number to at the same point next year. 

Setting big, hairy, audacious goals will help drive your team to go the extra mile and strive for more success in the new year, and very few successful organisations operate without them. 

UNDERSTAND THE FIVE LEVELS OF MARKET SOPHISTICATION 

Trying to learn where your organisation sits within the levels of market sophistication informs how you market your products or services. Effectively marketing your products and services can be difficult if your strategies aren’t grounded in something like the principles of market sophistication. You’ll miss out on the chance of communicating specific messages to specific audiences without having understood them. 

LEARN ABOUT QUALITY MANAGEMENT SYSTEMS

A recurring theme throughout this article has been customer satisfaction. One of the best ways to ensure customer satisfaction in your products or services is you’re given the framework to improve the quality of your products or services, while identifying areas of potential risk and even potentially discovering new areas in which you can capitalise on. 

Running a business in the modern area is high paced, stressful and difficult- there’s a lot of moving parts to take into account. While you’re juggling all of these responsibilities, often the quality of your products, services or customer assistance can slip. Don’t become a statistic!

To wrap up, remember that if you take care of your customers, they’ll take care of your organisation. 

Happy Christmas!

We wish you a very happy Christmas and well deserved end-of-year break from the team at Fiskl Advisory.

It has been another challenging year for our clients. We hope you will be able to take some time at Christmas to connect with family and friends to recharge and relax.

We are grateful for the opportunity to work with you and be a part of your continued prosperity.

Our office will be closing on 23 December 2022 at 12 pm and reopening on 9 January 2023.

A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities.

All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.

ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time and penalties may apply.

When to apply

When people must apply for their director ID depends on when they first become a director. 

For directors of companies regulated by ASIC and registered under the Corporations Act 2001:

• Intending new directors must apply before being appointed.
• Directors appointed on or before 31 October 2021 have until 30 November 2022 to apply.
• New directors appointed for the first time between 1 November 2021 and 4 April 2022 had 28 days from their appointment to apply.
• While the deadline to apply for Director ID is 30 November 2022, if you apply by 14 December 2022, there will be no further action in relation to late application.

Directors of companies regulated by the Office of the Registrar of Indigenous Corporations and registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 have a different time frame in which to apply.

Frequently asked questions

1. Are there any changes to existing company notification requirements?

No. The director ID requirement does not replace or change existing requirements to keep company records updated. For example, directors must still notify their company of changes in address or other details. The company will still need to notify ASIC of any changes for the public record.

2. Am I required to provide my director ID to ASIC or companies?

When you receive your director ID, you should give it to your tax/ASIC agent or Aboriginal and Torres Strait Islander corporation. This might be your company secretary, another director, a contact person or an authorised agent of the company.

If you’re appointed as a director of any other companies or Aboriginal and Torres Strait Islander corporations in the future, you should give your director ID to your tax agent.

There is no requirement to provide your director ID to ASIC unless otherwise requested.

3. What are the director ID offences and penalties?

ABRS will provide support and guidance to directors to assist them to understand and meet their director ID obligation.

ASIC’s enforcement role covers four new director ID offences under the Corporations Act 2001.

4. Do I need to apply for a director ID if I am no longer a director?

Currently, recently resigned company directors who no longer hold the role on or after 1 December 2022 are required to apply for a director ID. However, ABRS has released Draft Corporations (Eligible Officer Exclusion – non-individuals and resigned directors) Determination 2022 for public consultation. Although the legislative instrument is subject to final determination, directors who have recently resigned from their director roles are not expected to apply for a director ID.

The Federal Treasurer, Dr Jim Chalmers, handed down the Labor government’s first Federal Budget on 22 October 2022. Here are the highlights of the tax and accounting measures announced.

Businesses

• Electric vehicles under the luxury car tax threshold will be exempt from fringe benefits tax and import tariffs.
• A number of Victorian and ACT based business grants relating to the COVID-19 pandemic will be non-assessable non-exempt income for tax purposes.
• Grants will be provided to small and medium-sized businesses to fund energy efficient equipment upgrades.
• The tax treatment for off-market share buy-backs undertaken by listed public companies will be aligned with the treatment of on-market share buy-backs.
• The 2021-22 Budget measure to allow taxpayers to self-assess the effective life of intangible depreciating assets will not proceed.
• Heavy Vehicle Road User Charge rate increased from 26.4 to 27.2 cents per litre of diesel fuel, effective from 29 September 2022.
• Australia has signed a new tax treaty with Iceland.
• Additional tariffs on goods imported from Russia and Belarus have been extended by a further 12 months, to 24 October 2023.
• Ukraine goods are exempted from import duties for a period of 12 months from 4 July 2022.
• Technical amendments to the taxation of financial arrangements (TOFA) rules proposed in the 2021-22 Budget will be deferred.
• Amendments to simplify the taxation of financial arrangements (TOFA) rules proposed in the 2016-17 Budget will not proceed.
• The proposed measure from the 2018-19 Budget to impose a limit of $10,000 for cash payments will not proceed.
• Proposed changes in the 2016-17 Budget to amend the taxation of asset-backed financing arrangements will not proceed.
• The new tax and regulatory regime for limited partnership collective investment vehicles proposed in the 2016-17 Budget will not proceed.
• The Pacific Australia Labour Mobility (PALM) scheme will be expanded and enhanced.

Individuals

• The amount pensioners can earn in 2022-23 will increase by $4,000 before their pension is reduced, supporting pensioners who want to work or work more hours to do so without losing their pension.
• To incentivise pensioners to downsize their homes, the assets test exemption for principal home sale proceeds will be extended and the income test changed.
• The income threshold for the Commonwealth Seniors Health Card will be increased from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.
• The Paid Parental Leave Scheme will be amended so that either parent is able to claim the payment from 1 July 2023. The scheme will also be expanded by 2 additional weeks a year from 1 July 2024 until it reaches 26 weeks from 1 July 2026.
• The maximum Child Care Subsidy (CCS) rate and the CCS rate for all families earning less than $530,000 in household income will be increased.
• The current higher Child Care Subsidy (CCS) rates for families with multiple children aged 5 or under in child care will be maintained.
• Legislation will be introduced to clarify that digital currency (or crypto currencies) will not be treated as foreign currency for income tax purposes.

Superannuation

• Eligibility to make a downsizer contribution to superannuation will be expanded by reducing the minimum age from 60 to 55 years.
• The 2021-22 Budget measure that proposed relaxing residency requirements for SMSFs and small APRA-regulated funds (SAFs) from 1 July 2022, has been deferred.
• The 2018-19 Budget measure that proposed changing the annual audit requirement for certain self-managed superannuation funds (SMSFs) will not proceed.
• A requirement for retirement income product providers to report standardised metrics in product disclosure statements, originally announced in the 2018-19 Budget, will not proceed.

Multinationals

• Thin capitalisation rules for non-ADIs will be amended from 1 July 2023, with tests relating to ratios replaced by earnings-based tests.
• Significant global entities will be denied a tax deduction for payments to related parties in relation to intangibles held in low- or no-tax jurisdictions.
• Significant global entities and public companies will have additional reporting requirements for income years commencing from 1 July 2023.
• Proposed amendments to the debt/equity tax rules mentioned in the 2013-14 MYEFO will not proceed.

Tax administration

• Penalty unit increase to $275 from 1 January 2023.
• Personal Income Taxation Compliance Program extended a further 2 years to 30 June 2025.
• Shadow economy compliance program extended to 30 June 2026.
• The ATO tax avoidance taskforce will receive additional funding and is being extended to 30 June 2026.
• Financial penalties for breaches of foreign investment compliance to double from 1 January 2023.
• Access to refunds of indirect tax, including GST, fuel and alcohol taxes, under the Indirect Tax Concession Scheme has been expanded to the diplomatic and consular representations of Bhutan.
• The proposed extension of reportable transactions relating to the sharing economy deferred by 12 months to 1 July 2024.

Tax agents

• Funding to be given to the Tax Practitioners Board to increase compliance investigations.
• Additional funding will be provided to support the delivery of government priorities in the Treasury portfolio.

Not-for-profit

• Deductible gift recipients list to be updated.
• The 2021-22 MYEFO measure to establish a deductible gift recipient category for providers of pastoral care will not proceed.

If you would like to know more information about any of these measures, please do not hesitate to contact our office.