Cents per km for car expenses 2024-25 and after
July 22, 2024
The ATO has registered the Income Tax Assessment (Cents per Kilometre Deduction Rate for Car Expenses) Determination 2024, with effect from 1 July 2024. The Instrument sets the rate at 88 ...
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Reasonable travel and overtime meal allowance amounts for 2024-25
July 22, 2024
The ATO released TD 2024/3, with effect from 1 July 2024, providing the amounts it will treat as reasonable for 2024-25 for employee claims:
overtime meal expenses: $37.65
domes...
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Small Business and Charities Measures Bill 2023 passed
July 22, 2024
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 passed(as Act No. 52):
$20,000 instant asset write-off – for small businesse...
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ACT Budget 2024-25
July 22, 2024
The ACT Budget was handed down. The main tax highlights are:
HousingThe government will reduce the lowest marginal conveyance duty tax rate for home buyers from 0.49% to 0.4%. It will ...
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Changes to self-education deductions claim label
July 22, 2024
From the 2023–24 income year, eligible deductions for work-related self-education expenses will be claimed at Label D4 – Self-education expenses. Previously, formal education courses...
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Important changes to super
July 22, 2024
The ATO has highlighted important changes to super from 1 July 2024. These are:
-super guarantee rate increased to 11.5% (previously 11%)-the concessional super contributions cap increas...
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Division 7A – Commissioner’s discretion
July 22, 2024
The ATO is clarifying the application of the Commissioner's discretion to disregard the operation of Division 7A, or to allow a deemed dividend to be franked.
It says the discretion ma...
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Division 7A: benchmark interest rate for 2024-25
July 22, 2024
The ATO has confirmed that the benchmark interest rate for Div 7A purposes is 8.77% for the 2024-25 income year (up from 8.27% for 2023-24). The only time the rate was higher was in 2008-...
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ASIC Fees Increase for 2025 Financial Year
June 21, 2024
The increased ASIC fees will apply from 1 July 2024 to 30 June 2025.
Company Registration
– Registering a company name will increase to $597
Company Name Reservation
...
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Division 7A – minimum yearly repayments
May 27, 2024
The ATO has issued guidance on avoiding unexpected tax consequences regarding Div 7A loan repayments. When making minimum yearly repayments (MYR), borrowers need to:
start repayments ...
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