Paying super on Government paid parental leave from 1 July 2025 confirmed The Budget confirmed the proposal to pay superannuation on Government-funded paid parental leave (PPL) for births and adoptions on or after 1 July 2025. From that time, the super guarantee (SG) rate will be 12% (up from 11.5% for 2024–2025). Therefore, eligible parents […]
$20,000 instant asset write-off for small business extended to 30 June 2025 The Government will extend the instant asset write-off concession for small businesses for another 12 months. This will allow small businesses with turnovers capped at $10 million to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are […]
Personal tax rates: Stage 3 (as revised) confirmed from 2024–2025 In the 2024–2025 Federal Budget, the Government did not announce any further changes to the personal tax rates. The Government’s revised Stage 3 tax changes (as announced on 25 January 2024 and enacted into law by the Treasury Laws Amendment (Cost of Living Tax Cuts) […]
Personal tax rates and offsets for 2023–2024 and beyond With no announced changes in the Federal Budget to personal tax rates and offsets for the 2023–2024 income year and beyond, now is the time to do some tax planning for the current and future years. For the 2022–2023 and 2023–2024 income years, the rates and […]
Super to be paid on payday from 1 July 2026; more action to catch non-payers The Budget papers confirmed the Government’s intention to require all employers to pay their employees’ super guarantee amounts at the same time as their salary and wages from 1 July 2026. This payday super measure was originally announced by the […]
Small business lodgment penalty amnesty The Government announced that a lodgment penalty amnesty program will be provided for small businesses with aggregate turnover of less than $10 million to encourage them to re-engage with the tax system. The amnesty will remit failure-to-lodge penalties for outstanding tax statements lodged in the period from 1 June 2023 to […]
Small business instant asset write-off: $20,000 threshold for 2023–2024 The Government will temporarily increase the instant asset write-off threshold to $20,000 from 1 July 2023 to 30 June 2024. Small businesses – those with aggregated annual turnover of less than $10 million – will be able to immediately deduct the full cost of eligible assets […]
Personal tax rates unchanged for 2023–2024 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2023–2024 tax rates and income thresholds for residents (unchanged since 2021–2022) are: Stage 3: from 2024–2025 The Budget did not announce any […]
Super guarantee: rate rise unchanged The Budget did not announce any change to the timing of the next super guarantee (SG) rate increase. The SG rate is currently legislated to increase from 10% to 10.5% from 1 July 2022, and by 0.5% per year from 1 July 2023 until it reaches 12% from 1 July 2025. […]
Digitalising trust income reporting The Budget confirms the Government’s previously announced intention to digitalise trust and beneficiary income reporting and processing. It will allow all trust tax return filers the option to lodge income tax returns electronically, increasing pre-filling and automating ATO assurance processes. There are no other additional details in the Budget papers than […]
Deduction boosts for small business: skills and training, digital adoption The Government announced two support measures for small businesses (aggregated annual turnover less than $50 million) in the form of a 20% uplift of the amount deductible for expenditure incurred on external training courses and digital technology. External training courses An eligible business will be […]
One-off $250 cost of living payment The Government will make a $250 one-off cost of living payment in April 2022 to six million eligible pensioners, welfare recipients, veterans and eligible concession card holders. The $250 payment will be tax-exempt and not count as income support for the purposes of any Government income support. A person can only receive […]
Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2022–2023 tax rates and income thresholds for residents are unchanged from 2021–2022: taxable income up to $18,200 – nil; taxable income of […]
FEDERAL BUDGET May 2021 SUPERANNUATION Superannuation contributions work test to be repealed from 1 July 2022 The superannuation contributions work test exemption will be repealed for voluntary non-concessional and salary sacrificed contributions for those aged 67 to 74 from 1 July 2022. As a result, individuals under age 75 will be allowed to make or […]
FEDERAL BUDGET May 2021 TAX COMPLIANCE AND INTEGRITY Allowing small businesses to pause disputed ATO debt recovery The Government will introduce legislation to allow small businesses to pause or modify ATO debt recovery action where the debt is being disputed in the Administrative Appeals Tribunal (AAT). Treasurer Josh Frydenberg had earlier announced this measure on […]