The 2024-25 financial year is in sight, and significant changes have been made to car thresholds, which are crucial for business owners to understand for tax purposes. Here’s a detailed overview of what’s new and how it might affect your business. Income Tax: Car Limit Increase The car limit for the 2024–25 income year has…
In a move aimed at bolstering small business cash flow and reducing compliance costs, the Government has announced an extension of the $20,000 instant asset write-off for another 12 months. This extension, part of the 2024–25 Budget released on 14 May 2024, will see the measure continue until 30 June 2025. This initiative allows small…
The Federal Budget dropped last week (14 May), with several key updates involving current measures, rebates and confirmation of the stage 3 tax cuts. Energy Bill Relief Fund: The Energy Bill Relief Fund is introducing a $300 rebate for households and a $325 rebate for eligible small businesses on their 2024-24 bills. This initiative extends…
Managing a trust comes with its share of responsibilities, especially regarding tax compliance. To assist trustees and administrators, the ATO has provided a checklist that can be used to streamline the tax process. This is a crucial tool for ensuring that the trust’s affairs are managed efficiently and effectively in accordance with tax regulations. Let’s…
