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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Understanding Key Superannuation Thresholds for the 2024/25 Financial Year
April 12, 2024
Welcome to the latest update on superannuation threholds for the new financial year! As you plan your retirement savings strategy, it's essential to stay informed about the latest changes t...
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FBT cents per kilometre rates & LAFHA for 2024-25
April 4, 2024
The cents per kilometre rates (with effect from 1 April 2024) for calculating the taxable value of a fringe benefit arising in the 2024-25 FBT year from the private use of a motor vehicle (...
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FBT: Adequate alternative records – instruments registered
March 29, 2024
The ATO has registered legislative instruments specifying acceptable record-keeping obligations which can be used by employers as an alternative to employee declarations:
Fringe Benefit...
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