ATO NEWS Government announces changes to proposed 'Stage 3' tax cuts The Federal Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024. The proposed changes are: reduce the 19% tax rate to 16%; reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new [...]
Many employers will be planning to reward employees with a celebratory party or event this December/January. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to employees and clients. FBT and 'entertainment' Under the FBT Act, employers must choose how they calculate their [...]
ATO's lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses that 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 to be eligible for the amnesty: had [...]
Time is running out to apply for a Director Identification Number - Director ID (fines from $13,200 apply for late applications). You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once [...]
In times of share market volatility, it's normal to feel concerned about the drop in values and the effects on your investments and retirement savings. It's also important to understand the 24-hour news cycle reports the majority of "bad news" only and you very rarely see the "good news", especially for financial markets. Prior to [...]
