WANT TO UNLOCK BETTER RATES FOR YOUR EQUIPMENT FINANCE NEEDS!

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Contact the experienced team at Nixon Finance, who is ready to guide you through the process.

Give our experienced brokers a call: Phil Smith (0438 713 679), Shaun Nixon (0423 756 555) or Taya Dyson (0407 803 060)

https://www.nixonfinance.com.au/contact-us/

The Removal of the Low and Middle Income Tax Offset (LMITO)

The government has made a major change to the tax system this year, they have removed the Low and Middle Income Tax Offset.

This tax offset, which delivered a tax break of up to $1,500, finished at the end of 30 June 2022.

As a result, low-to-middle income earners may see their tax refunds reduced this year by between $675 and $1,500.”

Director Identification Number – New Director Requirements

As part of the 2020 Budget Digital Business Plan, the Australian government has implemented the Modernising Business Registers program. In this program, the ABRS (Australian Business Registry Services) was established to help businesses register and manage the information they share with the government.

This is to be rolled out between 2021 to 2024.

The first change is that directors need to get a DIN (Director Identification Number) due by 30 November 2022.

Link to ABRS – To Apply for a DIN:

Director identification number | Australian Business Registry Services (ABRS)