Federal Budget 2024: Business Measures
On Tuesday 14 May 2024, Treasurer Jim Chalmers handed down the 2024-25 Federal Budget, his 3rd Budget. The major SME business tax-related measures announced in the Budget include the following. Instant asset write-off for small businesses extended The Government will extend the instant asset write-off concession for another 12 months. This will allow small businesses …
Div 7A loans: minimum repayments
Div 7A of the ITAA 1936 prevents profits or assets from private companies being provided to shareholders or their associates in a tax advantageous (or sometimes tax-free) manner. This Division captures payments or other benefits such as loans, advances, gifts or writing off a debt and treats them as a dividend (known as a “deemed …
Tax time reminders for small businesses from the ATO
As tax time approaches, the ATO has released some pertinent reminders for small businesses in preparing themselves for the end of this financial year and the start of the new financial year. The ATO has also highlighted that free courses are available on its small business online learning platform to help small business owners master …
Delivering bespoke accounting services to you
At Lucas & Co Chartered Accountants, we elevate our expertise to deliver an unbelievable service to you. Our guiding principle remains providing you with unparalleled support. And know what it means to be industry experts committed to your tax and accounting success. We have a wonderful dynamic, young and innovative team bringing together varied perspectives, …
ATO data-matching: crypto assets
Hot on the heels of reports that a growing number of SMSFs are sustaining significant losses in crypto asset investments, the ATO has announced that it will be extending the current crypto asset data-matching program for the 2023-24 financial year through to the 2025-26 financial years. Previously, the program covered periods all the way back …
HECS-HELP debt to increase with indexation
The increase in HECS-HELP debts may once again be outpacing the payments with the release of CPI figures. While an increase of 4.7% on 1 June 2024 is smaller than the 7.1% indexation rate in 2023, it is still a large jump from the 1-2% rate over the previous 10 years. Students that can are …
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 …