EOFY 2024 – Companies
Read about our 2024 EOY tax tips for companies here.
EOFY 2024 – Trusts
Read about our 2024 EOY tax tips for trusts here.
EOFY 2024 – Self Managed Super Funds (SMSF)
Read about our 2024 EOY tax tips for SMSF’s here.
ATO Toughens Its Stance On Debt
It’s never been more important to keep on top of your ATO obligations. The ATO have turned nasty and unforgiving and if you owe them money, expect them to want it paid sooner rather than later. This tough-guy approach extends to requests to waive penalties and interest, with almost all requests being denied.
2024 Federal Budget
The 2024 budget is expected to deliver a surplus of $9.3b thanks to unexpected tax windfalls from commodity prices. Unfortunately, with an estimated $341b of unplanned tax revenue coming in over 4 years, a surplus of $9b seems a little below what one would expect.
The budget, as previously announced, removes the previous “stage 3” tax cuts and redirects some of that to lower income households.
It’s FBT Time!!
The end of March signifies the end of the Fringe Benefits Tax (FBT) year. All employers that provide non-cash benefits to employees (including in many cases, the owners) are likely liable to pay FBT on those benefits.