Changes to foreign resident capital gains tax

Changes to foreign resident capital gains tax

August 1, 2024

Treasury has issued a consultation paper Strengthening the foreign resident capital gains tax regime, proposing three measures to strengthen the foreign resident capital gains tax ("CGT") ...Read More Read More

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 ...Read More Read More

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...Read More Read More

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...Read More Read More

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 ...Read More Read More

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...Read More Read More

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...Read More Read More

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...Read More Read More

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-...Read More Read More

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 ...Read More Read More