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Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed...

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Government announces changes to proposed ‘Stage 3’ tax cuts 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 the 32.5% tax rate to 30% for...

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ATO’s lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses.  Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the...

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Taxpayers need to get their ‘rental right’ The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.  When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other...

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ATO reminders for taxpayers As taxpayers prepare to lodge, the ATO reminds taxpayers that they should keep the following in mind: Include all income: If a taxpayer picked up some extra work, e.g., through online activities, the sharing economy, interest from investments, etc, they will need to include this in their tax return; Assess circumstances...

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Changes to deductions this tax time Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78...

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When will you be ready to retire? There are two important ages you need to consider when thinking about retirement – preservation age when you are eligible to start drawing on your super and Age Pension age when you are eligible to receive the Age Pension. Age Pension age This is the age you qualify...

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In the ATO’s sights this Tax Time The ATO has announced its three key focus areas for this Tax Time: rental property deductions; work-related expenses; and capital gains tax. ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being made: “Within these areas, we have identified...

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Key points The budget this year is expected to return to a surplus of $4b thanks to a continuing revenue Key measures include cost of living support, more spending on aged care and a move to slow NDIS Implications for inflation and hence the RBA are Despite savings measures structural budget deficits remain in the...

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