The benchmark interest rate for Div 7A purposes is expected to be 8.27% for the 2023-24 income year (up from 4.77% for 2022-23). This is the "Indicator Lending Rates - Bank variable housing...Read MoreRead More
Single Touch Payroll (STP) finalisation: you need to finalise your employees' STP data by 14 July, as they use this information to complete their tax return. If you have any closely held...Read MoreRead More
The ATO reminds agents with clients who earn income by providing taxi travel (including ride-sourcing) or short-term accommodation, to make sure they are aware of their new tax obligations....Read MoreRead More
The Victorian Budget was handed down on 22 May. The main tax change evolves around ‘The COVID Debt Repayment Plan’, which includes:
From 1 July 2023, large businesses with national p...Read MoreRead More
The ATO has issued a media release setting out the luxury car tax ("LCT") thresholds for the 2023-24 income year. There are two thresholds, ie for:
fuel efficient vehicles – $89,332 ...Read MoreRead More
The Government has updated the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2023-24 income year. The minimum repayment income for the 2023-24...Read MoreRead More
ATO is paying retail small business participants for a 6-month pilot to trial a monthly GST lodgment cycle. They are looking for small retail businesses who currently report and pay GST qua...Read MoreRead More
The ATO have seen some mistakes as employers have moved to STP Phase 2 reporting. The most common mistakes include:
Pay codes: Make sure you’ve set up your pay codes correctly, and ...Read MoreRead More
The small business lodgment penalty amnesty program commences on Thursday, 1 June. It gives agents and their small business clients an opportunity to get their outstanding tax returns and...Read MoreRead More
The Australian Cyber Security Centre (ACSC), the FBI and US Cybersecurity and Infrastructure Security Agency (CISA) urges organisations to take immediate steps to safeguard computer syste...Read MoreRead More
