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.
  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.

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.