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…
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…
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…
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…
Cash Flow, Small Business, Taxation
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…