In a bid to encourage home ownership in NSW, the state government has introduced the First Home Buyer Choice scheme which would allow eligible first home buyers a choice between paying an annual property tax or the traditional stamp duty. Eligible first home buyers of residential properties of up to $1.5m or vacant land of up to $800,000 will be able to access the scheme, provided other conditions are met. The Bill is currently before NSW Parliament and when passed will apply on eligible purchases that settle on or after 16 January 2023.

With the skyrocketing uptake of cryptocurrency among Australian retail investors, the government is seeking to change its consultation approach to the regulation of cryptocurrency assets. As a part of this new approach, Treasury will prioritise "token mapping" work as the first step in a reform agenda. This aims to identify how cryptocurrency assets and related services should be regulated. .

To simplify the process, from 1 July 2023 all SMSFs will be required to report certain events 28 days after the end of the quarter.

New ATO guidelines allow professionals with an ownership interest in their firm to self-assess the risk of their profit allocation arrangement coming under ATO scrutiny. Learn about the ATO's compliance approach and how to identify your particular risk.

Before you lodge your tax return this year, make sure you know the ATO's focus areas this tax time.