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.
Contribution and Withdrawal Rules for Superannuation
The rules around superannuation are complex, and are designed to prevent even the rarest cases of fraud (at the expense of simplicity). You can learn about the rules around contributing into super and drawing money out of super here.
Proposed Changes to “Stage 3” Tax Cuts
Following months of speculation, the Government has announced that it will change the “stage 3” tax cuts that were legislated under the previous Government. This will see higher income earners paying more tax, with a small cut to lower income earners.
ATO Crackdown on Debt
With debt owed to the ATO topping $50b, the ATO is moving into collection mode and the softly-softly approach adopted during COVID is being replaced by a hard-line stance on debt. Find out more here.