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Collins Hume Spring 23 Update

"You can't stop the waves, but you can learn to surf" — Jo Kabat-Zinn

The 2023-24 NSW State Budget has a strong focus on tightening tax compliance, as well as changes to a number of exemptions and duties. It does not explicitly mention specific measures targeted at small businesses however it does mention some broader economic and infrastructure initiatives that could indirectly benefit small businesses.

The State Budget also includes an expansion to the First Home Buyers Assistance Scheme to support FHBs with a stamp duty exemption for purchases up to $800,000 and a concession for purchases between $800,000 and $1 million. Five out of every six first home buyers will pay no stamp duty, or a concessional rate, after the Government expanded stamp duty exemptions and concessions from 1 July.

31 October deadline for tax returns

Collins Hume clients have an extended lodgement program to lodge tax returns with the vast majority having until 15 May to lodge. This allows us to spread the workload out over 11 months of the year. The reminder everyone is seeing in the news at the moment is just for those members of the public who don’t use an accountant or tax agent.

Climate credentials renewed

Props to the Collins Hume team for all the effort and conscientiousness that allowed us to be formally re-recognised as a sustainable business by 1% for the Planet and Climate Neutral for another year!

We're thrilled that by coming to work every day, we can add value to our clients’ businesses and lifestyles, whilst doing our bit to make the planet a healthier and happier place.

Let us know which other topics we covered in our latest Strategist newsletter are of particular interest or concern to you:


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