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 have started earning income from [...]
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 parliament to revise the bill, [...]
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 and salary sacrificed contributions. The [...]
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 between $45,000 and a new [...]
ATO's lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses that have not yet taken advantage of the ATO's lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria to be eligible for the amnesty: had [...]
