UPDATES

Key 2024 Tax Changes

ADDING CLIENTS TO PRACTICE

INDIVIDUALS:

Cents per kilometre method: $85 cents
EV Home Charging rate: $4.2 cents
Increased Medicare Levy Surcharge

SMALL BUSINESS:

Small Business Energy Incentive
$20K asset write off

SMSF:

$1.9m Transfer Balance CAP effective July 1, 2023.

For detailed information visit ATO website by clicking on the image above.

The Australian Taxation Office has released a final rollout from November 13, 2023 for all entities with ABN registrations excluding sole traders. The new process requires these entities to nominate their agent through Online services for Business. Within 28 days, the agent must then add the client to their client lists. This is a deviation to the previous practice wherein the agent could simply add new clients to their client list.

Entities affected of this change are as follows (list may change):

companies including strata title bodies
partnerships
trusts
not-for-profits
joint ventures
cooperatives
self-managed super funds (SMSFs)
APRA-regulated superannuation funds

For more details click on the image at the top to access the ATO link for more details.

Director Obligations & Penalties

Company directors including former will incur penalties personally for not meeting timely obligations in its taxes and superannuation. Specifically, non-payment of company's:

pay as you go withholding (PAYGW)
goods and services tax (GST)
super guarantee charge (SGC)

These penalties will take effect upon receipt of director penalty notice from ATO.