Claiming fuel tax credits when rates change
Taxpayers could receive more savings for fuel they have acquired on and from February 2025.
What laws do SMSFs need to adhere to?
Navigating the Legal Landscape: Responsibilities of SMSF Trustees Understanding the Legislative Framework and Compliance Obligations for Self-Managed Super Funds As a trustee of a self-managed super fund (SMSF) there are responsibilities and rules you must follow. At the most fundamental level, you need to make sure your SMSF is functioning under the relevant laws. As a type of superannuation fund, trustees […]
Government announces changes to proposed ‘Stage 3’ tax cuts
New Changes to Tax Rates and Thresholds Raise Questions Amidst Speculation What You Need to Know Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16% reduce […]
Fuel tax credit rate change 1 August
Use the correct fuel tax credit rates Rates changed on 1 July and 1 August — use the ATO’s calculator to apply the correct rates when making a claim on your BAS. The Australian Taxation Office (ATO) has made changes to the Fuel Tax Credit rates, impacting claiming credits for eligible fuel use. To benefit from Fuel […]
Company tax changes
Changes to company tax rates There are changes to the company tax rates. The full company tax rate is 30% and the lower company tax rate is 27.5%. The ATO has outlined when to apply the lower rate and how to work out franking credits. Company tax rates apply to: companies corporate unit trusts public […]
Tax cuts become law
Immediate tax relief passed The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low-income tax offset from $645 to $700 in 2022/23. In combination […]
2019/20 Federal Budget changes to personal tax
Personal income tax Changes to personal income tax rates The Government has proposed the following changes to the personal income tax rates: From 1 July 2022, the Government will increase the upper threshold of the 19% personal income tax bracket to $45,000. The rates below do not include the Medicare Levy. The upper threshold of […]
Small businesses expanded tax concessions
What’s new for Australian business? The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below: The pending increase in the small business instant depreciating asset write-off to less than $25,000 (as discussed in further detail above). Accelerated depreciation deductions for primary producers for eligible fodder storage […]
Company tax
The Company Tax Rate Saga In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e. companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for small to medium companies (i.e. […]
