Division 7A: benchmark interest rate for 2024-25
July 22, 2024
The ATO has confirmed that the benchmark interest rate for Div 7A purposes is 8.77% for the 2024-25 income year (up from 8.27% for 2023-24). The only time the rate was higher was in 2008-...
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ASIC Fees Increase for 2025 Financial Year
June 21, 2024
The increased ASIC fees will apply from 1 July 2024 to 30 June 2025.
Company Registration
– Registering a company name will increase to $597
Company Name Reservation
...
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Division 7A – minimum yearly repayments
May 27, 2024
The ATO has issued guidance on avoiding unexpected tax consequences regarding Div 7A loan repayments. When making minimum yearly repayments (MYR), borrowers need to:
start repayments ...
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Understanding Key Superannuation Thresholds for the 2024/25 Financial Year
April 12, 2024
Welcome to the latest update on superannuation threholds for the new financial year! As you plan your retirement savings strategy, it's essential to stay informed about the latest changes t...
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FBT cents per kilometre rates & LAFHA for 2024-25
April 4, 2024
The cents per kilometre rates (with effect from 1 April 2024) for calculating the taxable value of a fringe benefit arising in the 2024-25 FBT year from the private use of a motor vehicle (...
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FBT: Adequate alternative records – instruments registered
March 29, 2024
The ATO has registered legislative instruments specifying acceptable record-keeping obligations which can be used by employers as an alternative to employee declarations:
Fringe Benefit...
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2024-25 private health insurance income threshold and rebate
March 29, 2024
The government has released the latest income thresholds and rates for the private health insurance rebate:
2024-25(2023-24)Base Tier $Tier 1 $Tier 2 $Tier 3 $Single0-97,0...
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Medicare Levy Low-income Threshold for 2023/24 Financial Year
February 15, 2024
The Exposure Draft - Treasury Laws Amendment (Cost of Living - Medicare Levy) Bill 2024 will increase the Medicare levy low-income threshold for singles to $26,000 for 2023-24. For couple...
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Tax Rates for 2024/25 Financial Year
February 15, 2024
The government has released draft legislation for the Stage 3 tax cuts.
The Exposure Draft - Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 will:
Reduce the 19% tax ...
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