Companies have some specific rules that only apply to them – both commercially and from a tax point of view. While we could fill a book about all the rules that surround a company (check out our brochure about how companies work here), this article focuses on recent changes and tips that are the most important right now.
You can view our full range of EOFY 2024 articles below
THINGS TO DO BEFORE 30 JUNE
Thankfully there have been very few company-specific changes, so there is nothing new that a company needs to do to stay on the good side of the Law.
COMPANY TAX RATE
The company tax rate that applies for small businesses will remain steady at 25% for the 2025 financial year. For larger businesses (turnover above $50m), the tax rate will remain at 30%.
LOSS CARRY BACK RULES
The loss carry back rules that were introduced during COVID only apply until 30 June 2023 – so this no longer applies unfortuantely.
DIRECTOR ID NUMBERS
If you are a Director of a company and are yet to obtain a Director ID Number, you must apply now. We can’t state strongly enough how important it is that you get one ASAP because the introductory timeframes have well and truly passed. Fines of over $1mil can apply to people that don’t get their Director ID Number – so the Government isn’t messing around with this.
Have a look at our Insights article titled Director ID Numbers – Why, When, and How for more information and a video that goes through the process of applying for yours.
