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 (...Read MoreRead More
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...Read MoreRead More
The government has released the latest income thresholds and rates for the private health insurance rebate:
2024-25(2023-24)Base Tier $Tier 1 $Tier 2 $Tier 3 $Single0-97,0...Read MoreRead More
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 MoreRead More
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 MoreRead More
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 MoreRead More
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 MoreRead More
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 MoreRead More
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 MoreRead More
