Get the latest 2024 tax updates for your business!
It’s the time of year that tends to creep up on many businesses, but don’t let tax time overwhelm you. Here are our latest updates to ensure you’re getting the most value for your business.
Small business tax concessions! The ATO offers tax breaks for eligible businesses, it does depends on your business structure, industry and aggregated annual turnover.. Check if your business qualifies for:
- Small business CGT concessions (turnover under $2 million)
- Small business income tax offset (turnover under $5 million)
- Small business restructure roll-over (turnover under $10 million)
Super contribution limits are going up! From 2025 income year, you can contribute more to your super:
- Concessional cap: Up from $27,500 to $30,000 (employer contributions + personal contributions)
- Non-concessional cap: Up from $110,000 to $120,000 (personal after-tax contributions)
- Taking out extra cash from your company?
Make sure you comply with Division 7A rules to avoid trouble with the ATO by:
- Keep good records
- Track payments & asset use
- Follow Division 7A loan rules.
Why is this important? Following Division 7A helps you make informed decisions about taking money or using assets from your company. Avoid unexpected tax bills and penalties from the ATO!
If you need assistance, advice or someone just to take this all off your hands please reach out!
