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Good News for 2025

As you are already aware, the Stage 3 tax cuts, implemented by the previous government, are due to start from 1 July 2024. The current government has made some changes to the original tax cuts, so now we are all going to have more disposable income. Current tax rates          %   New tax rates from 2024/25   %   0 to 18,200  Tax free 0 to 18,200 Tax free 18,201…

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2023 Individual Income Tax Return Questions

Here are the questions for the 2023 Individual Income Tax return.   Have you changed jobs since last year 30 June 2022? What is your job description? Do you have a daily record of hours worked from home? You do not need a dedicated work area, but you need to have kept a daily record of hours worked when nobody else was using the same area. Please supply the number…

Year End Tax Planning 2023 – Personal

What can you do before the 30th June to reduce your tax for 2023? 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…

Year End Tax Planning 2023 – Business

With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2023. This would mean more money in your pocket for you and your family to enjoy. Business Tax Temporary Full Expensing Purchase equipment before year end as businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of…

Budget 2023/24

The budget has just been released and here are the key announcements that will impact most taxpayers. 1. Personal  1.1 There has been no change to the personal tax rates as previously legislated. 1.2 Removal of the  low and middle income tax offset (‘LMITO’) with only the Low offset remaining. The Government has announced that the temporary LMIT has now ceased and been replaced by the low-income tax offset as…

New Method for Work from Home Expense Claims

As a result of the change caused by Covid of many more employees working from home, the ATO has revised the rules for the rate method, for working from home expenses that can be claimed on your tax return. From the 2023 tax year you can claim 67 cents per hour worked from home. (Previously it was 52 cents per hour) The big change is that you do NOT need…