2023 TAX UPDATES

Housing measures announced for affordability and ownership

A number of housing measures have been introduced in the 2023 Federal Budget to support social and affordable housing and improve access for home buyers.

These measures aim to combat the current social housing affordability difficulties that buyers face and provide easier access to home ownership.

From 1 July 2023, eligibility criteria for the Home Guarantee Scheme will be expanded to allow any 2 eligible people to be joint applicants for a guarantee, which has previously been restricted to spouses and de facto partners.

The government will also increase resources devoted to supporting social and affordable housing along with aiming to provide more houses under the Home Guarantee Scheme.

Small business lodgment penalty amnesty

A number of measures aiming to support small businesses were announced by the Labor government as part of the 2023–24 Federal Budget.

As part of that, small businesses will be given an amnesty which will remit eligible failure-to-lodge penalties for late lodgments.

This measure will provide small businesses with cash flow support and reduce compliance burdens of applying for a remission.

At this stage this is a proposed measure and will require parliamentary approval to become law.

Increased amendment period for small businesses

The federal government announced in its 2023–24 federal budget a measure that will provide small businesses with an additional 2 years to amend their income tax returns.

At present, the Commissioner may amend an assessment for small to medium business taxpayers for up to 2 years.

This proposed measure aims to help small businesses deal with the compliance burden of having to apply for an extension of their amendment period.

This measure, subject to receiving parliamentary approval, will commence from 1 July 2025.

Update on NALI amendments for SMSF general expenses

The non-arm’s length income (NALI) measure announced by the Coalition government in 2022 will be amended to provide greater certainty to taxpayers.

The intention of the proposal is to include a factor-based approach for trustees to be able to adequately calculate the amount of SMSF income that is NALI income. This factor-based approach applies to a situation where general expenses of the fund are not at arm’s length amounts.

The factor-based approach would apply to general fund expenses incurred after 1 July 2023.

Council’s Tree Maintenance team will be out and about until September planting over 2500 new trees in Maroondah.

A mix of indigenous and exotic species will be planted along nature strips and walking trails, and in safe Walk and Ride to School zones. Maroondah’s parks and reserves will also benefit from additional greening.

Trees and shrubs are planted annually throughout the city, either in place of plants that have reached their end of life or to build on Maroondah’s leafy environment.

The best time for trees to be planted is during the cooler months when trees are not exposed to heat stress and can establish quickly.

Street trees are specifically chosen for their site suitability, environmental benefits, resistance to drought and ease of maintenance.

Factors such as tree height, spread, form, growing space, powerlines, drains, neighbourhood character and traffic are also considered when selecting trees to be planted to protect and enhance the urban forest in Maroondah.