S99B: payments or assets received from foreign trusts
December 19, 2024
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...
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Mid-Year Economic and Fiscal Outlook 2024-25 released
December 19, 2024
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...
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Changes to foreign resident capital gains tax
August 1, 2024
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") ...
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Cents per km for car expenses 2024-25 and after
July 22, 2024
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 ...
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Reasonable travel and overtime meal allowance amounts for 2024-25
July 22, 2024
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...
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Small Business and Charities Measures Bill 2023 passed
July 22, 2024
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...
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ACT Budget 2024-25
July 22, 2024
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 ...
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Changes to self-education deductions claim label
July 22, 2024
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...
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Important changes to super
July 22, 2024
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...
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Division 7A – Commissioner’s discretion
July 22, 2024
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...
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