Blog

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...Read More Read More

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...Read More Read More

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