Posts tagged "bonus tax deductions 2023"

Small business tax breaks valued at $1.55 billion have passed in the Senate, clearing the way for enterprises nationwide to claim up to $20,000 in bonus deductions this tax season.

Australian lawmakers only have a handful of days to enact $1.55 billion in 'bonus' tax deductions before the new financial year begins, leading the tax office to provide new guidance to small businesses banking on those kickbacks for their 2022-2023 tax return.