July 2024 News
ATO JULY NEWS Tips for ATO's 'main residence exemption" The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in. The ATO hopes that the following tips will help in this regard: Taxpayers should consider if they [...]
Key employer lodgement dates 2024-25
The commencement of the new financial year highlights the importance of preparing for upcoming lodgement deadlines. To assist you, we have outlined key dates for various obligations to your employees and the ATO for the next year. *This list is not comprehensive, and additional lodgements may be necessary depending on [...]
Protect professional, affordable financial advice
The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill, introduced in March, has unexpectedly modified provisions regarding advice fee deductions from superannuation funds. As currently drafted, the bill may inadvertently reduce access to quality financial advice and increase its cost due to additional administrative burdens. We urge [...]
April News
Super contribution caps to rise A key update for those contributing to super: The contribution caps for super contributions will increase starting the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This 'CC' cap is broadly applicable to employer super guarantee contributions, personal deductible contributions [...]
February News
ATO NEWS Government announces changes to proposed 'Stage 3' tax cuts The Federal Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024. The proposed changes are: reduce the 19% tax rate to 16%; reduce the 32.5% tax rate to 30% for incomes [...]
Christmas parties & gifts: FBT & Tax implications
Many employers will be planning to reward employees with a celebratory party or event this December/January. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to employees and clients. FBT and 'entertainment' Under the FBT Act, employers must [...]