2023 tax compliance changes

• Foreign currency exchange rates: Updated for the calendar year ending December 2022.

• Medicare levy reduction for low-income earners: Updated to 2023 rates.

• Study and training loan repayment thresholds and rates: Updated to 2022-2023.

• Dependant offset: The ATI threshold is updated to 2022-23 income.

• The Motor vehicles and Fuel efficient Motor Vehicles Depreciable Car Limit (DCL) is updated to $64,741.

• Cents per km rate: Increased from 72 to 78 cents for 2022-23 in the Motor vehicle expenses workpaper.

• We've removed the low and middle income tax offset.

• We've updated the non-resident foreign income occupation codes, descriptions, median rates and calculations to match the ATO's lists.

• The occupation codes are updated for individual tax returns.

• Work related self education expenses worksheet: The ATO has removed the exclusion of the first $250 of deductions for prescribed courses of education. See Removing the self-education expenses threshold for more information.
  In the worksheet, we've removed the Category E expenses - non-deductible expenses section.

• Item C1 Credit for interest on early payments - amount of interest has been removed.

• We've removed the following private health insurer codes

  • ESH - Emergency Services Health

  • HEA - HEA Healthcare

  • NMW - Nurses & Midwives Health Pty Ltd

• Interest worksheet: We've added a new item in the Interest Adjustment Reason drop-list - Foreign resident.

s part of the 2022-23 budget, the government has announced Technology Investment Boost and Skills and Training Boost for small businesses. Read about it on ATO's website.

We've added the following labels to the tax returns.

We've removed 2 labels:

• Label M R&D Recoupment tax and

• Item H1 Credit for interest on early payments - amount of interest

• We've added a new label on the Front cover - CCIV sub-fund trusts: Do you own shares that are referable to a sub-fund within the same CCIV as you? Yes or No.

• We've removed Item 7 Credit for interest on tax paid.

• We've removed the fields Item 8 - R&D assets - Balancing adjustment losses (Australian owned R&D and Foreign owned (R&D) at Part A Calculation of notification R&D deductions.