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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2024-25 private health insurance income threshold and rebate
March 29, 2024
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...
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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...
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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 ...
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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 ...
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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 ...
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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...
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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...
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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...
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