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ATO cracking down on unlawful tax schemes

The ATO has warned against illegal tax schemes, clarifying that while legal tax planning is fine, exploiting the system is not. These schemes, which promise illegal benefits, can involve reducing income, inflating deductions or misusing rebates, and are often complex, aiming to evade taxes. Promoters range from advisers to salespeople, and the ATO advises caution, …

Trust reporting changes from 1 July 2024

Changes to simplify reporting for trustees and beneficiaries are commencing from 1 July 2024 as a part of the Modernisation of Trust Administration Systems (MTAS) project. From that date, labels in the statement of distribution, which is a part of the trust tax return, will be modified, a new schedule will be introduced for all …

Get ready for FBT time

The end of the FBT year is upon us once again. Employers that have provided their employees with fringe benefits any time during the 2024 FBT year – 1 April 2023 to 31 March 2024 – will need to lodge an FBT return and pay any liability by 28 May 2024. With the landscape of …

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 …

We’re Client Choice Awards Finalists!

Jean Marc and the Team are thrilled to be named finalist of the Client Choice Awards in the Best Accounting & Consulting Services Firm category. The client choice awards recognize best practice in the professional services sector and based solely on client feedback. For that reason, this achievement is all the more rewarding knowing that …

Government Announces Changes to Proposed ‘Stage 3’ Tax Cuts 

Despite previous assurances, the Government has unveiled tweaks to the ‘Stage 3’ tax cuts set to take effect from July 1, 2024. Notably, the proposed changes include: – Reducing the 19% tax rate to 16%, adjusting the 32.5% rate to 30% for incomes between $45,000 – A new $135,000 threshold, increasing the threshold for the …

Celebrating milestone achievements for the Lucas & Co team!

Ken has just closed a monumental chapter, finishing his medical degree with flying colours! Meanwhile, Victor is making his mark in the taxation world, having applied for his tax agent registration. We’re bursting with pride for these two – Join us in congratulating them on their dedication and hard work. The future looks bright, and …

A trip of a lifetime to reset and recharge!

I am sharing a couple of pictures of my recent trip to Rodrigues, a remote island to the heart of Indian Ocean. This journey was to re-connect with my family in Mauritius and also a reminder of how stepping away from the familiar can reset the mind, body and soul. A major highlight was getting …

Peter Murray Claims ITR World Tax Ranking for Tax Controversy!

Big shoutout to Peter Murray, our renowned tax counsel at Lucas and Co Chartered Accountants! Specialising in corporate tax issues for both listed and privately-owned groups, Pete’s expertise in ATO disputes and resolutions has earned him a spot in the ITR World Tax Ranking for Tax Controversy. This accolade underscores his dedication and proficiency in …