The ATO has released draft Taxation Determination TD 2024/D2 and draft Practical Compliance Guideline PCG 2024/D1 on section 99B for public consultation.
TD...Read MoreRead More
The Australian Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) 2024-25 released on 18 December 2024 introduces significant tax measures to enhance compliance and modernise syste...Read MoreRead More
Treasury has issued a consultation paper Strengthening the foreign resident capital gains tax regime, proposing three measures to strengthen the foreign resident capital gains tax ("CGT") ...Read MoreRead More
The ATO has registered the Income Tax Assessment (Cents per Kilometre Deduction Rate for Car Expenses) Determination 2024, with effect from 1 July 2024. The Instrument sets the rate at 88 ...Read MoreRead More
The ATO released TD 2024/3, with effect from 1 July 2024, providing the amounts it will treat as reasonable for 2024-25 for employee claims:
overtime meal expenses: $37.65
domes...Read MoreRead More
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 passed(as Act No. 52):
$20,000 instant asset write-off – for small businesse...Read MoreRead More
The ACT Budget was handed down. The main tax highlights are:
HousingThe government will reduce the lowest marginal conveyance duty tax rate for home buyers from 0.49% to 0.4%. It will ...Read MoreRead More
From the 2023–24 income year, eligible deductions for work-related self-education expenses will be claimed at Label D4 – Self-education expenses. Previously, formal education courses...Read MoreRead More
The ATO has highlighted important changes to super from 1 July 2024. These are:
-super guarantee rate increased to 11.5% (previously 11%)-the concessional super contributions cap increas...Read MoreRead More
The ATO is clarifying the application of the Commissioner's discretion to disregard the operation of Division 7A, or to allow a deemed dividend to be franked.
It says the discretion ma...Read MoreRead More
