The governments fourth budget has been handed down and below are some of the key components that affect most individuals and businesses. Personal income tax measures 1.1Personal tax cuts From 1 July 2026, ie the 2027 tax year, the 16% tax rate will reduce to 15% and from 1 July 2027, by another 1% to 14%. A small decrease, but more disposable income for all Australians. 1.2 Increased Medicare levy…
Here are the questions for the 2024 Individual Income Tax return. 1. Have you changed jobs since last year 30 June 2023? 2. What is your job description? 3. Do you have a daily record of hours worked from home? Please see at end an example of a diary record. You do not need a dedicated work area. Please supply the number of hours worked from home for work related…
Asic has increased their fees as from 1 July 2024 as per the table below. Fee type Fee from 1 July 2023 Fee from 1 July 2024 Rego company 576 597 Reserve company name 59 61 Annual review fee for Pty Ltd 310 321 Annual review for public company 1440 1492 Late payment 1 month 93 96 Late payment of more than 1 month 387 401 Business name renewal or…
What can you do before the 30th June to reduce your tax for 2024? Follow these steps and have more money in your pocket for you and your family to enjoy. Personal Tax Home Office Expenses If you have been working from home, you may have expenses you can claim a tax deduction for. The ATO allows you to claim using a “Revised Fixed Rate Method” an amount of $0.67…
With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2024. This would mean more money in your pocket for you and your family to enjoy. Business Tax $20 000 immediate deduction The instant asset write-off threshold is $20,000. Small businesses with an aggregated annual turnover of less than $10 million will be able to immediately deduct…
The governments third budget has been handed down and below are some of the key components that affect most individuals and businesses. Personal income tax measures 1.1Personal tax cuts From 1 July 2024 every taxpayer will receive a tax cut. You can read about this in our previous blog here. 1.2 Increased Medicare levy low-income thresholds The Government has increased the Medicare levy low-income threshold amounts and phase in…