Medicare Levy Low-income Threshold for 2023/24 Financial Year

Medicare Levy Low-income Threshold for 2023/24 Financial Year

February 15, 2024

The Exposure Draft - Treasury Laws Amendment (Cost of Living - Medicare Levy) Bill 2024 will increase the Medicare levy low-income threshold for singles to $26,000 for 2023-24. For couple...Read More Read More

Tax Rates for 2024/25 Financial Year

February 15, 2024

The government has released draft legislation for the Stage 3 tax cuts. The Exposure Draft - Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 will: Reduce the 19% tax ...Read More Read More

Fringe Benefits Tax Information for 2024 Financial Year

January 22, 2024

FBT Quarterly Payment Dates(Based on Notional or Estimated Tax Liability)- Same as BAS Dates Single Payment Due Date (if FBT liability is below $3,000)- 21 May 2024 FBT Rate for Year ...Read More Read More

No deduction for ATO interest charges and Non-resident CGT withholding

December 20, 2023

Treasury has released the 2023-24 Mid-Year Economic and Fiscal Outlook. It flags the following proposed tax-related reforms: No deduction for ATO interest charges — The ...Read More Read More

Australian film incentives

November 30, 2023

In the 2023-24 Federal Budget (Paper No 2 at p182), the government announced that: the location offset would be increased from 16.5% to 30% and the minimum qualifying Australian pro...Read More Read More

NFP annual reporting requirements

November 30, 2023

The ATO has issued a reminder that not-for-profit entities with an active ABN will need to lodge an annual NFP self-review return from 2023-24. The return can be lodged at any time betwee...Read More Read More

Major shake-up of accountancy bodies

November 30, 2023

The Treasurer has advised that the following three bodies which currently oversee financial reporting and set the reporting standards will be combined into a single entity: Australian...Read More Read More

ATO data-matching program for officeholders

November 9, 2023

The ATO has registered a gazette to acquire officeholder information from ASIC, the Office of the Registrar of Indigenous Corporations (ORIC) and the ACNC for 2023-24 to 2024-25. The o...Read More Read More

Minor Tax Rates

September 26, 2023

When it comes to minor tax rates for any financial year, it's important to note that eligible taxable income or unearned income for individuals under the age of 18 is subject to special tax...Read More Read More