by Teigan Amos | Jul 23, 2024 | Articles, Updates
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business...
by Teigan Amos | Jul 23, 2024 | Articles, Updates
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the...
by Teigan Amos | Jun 12, 2024 | Articles, EOFY
Here’s a summary of the key changes coming into effect on 1 July 2024: For you Tax cuts reduce personal income tax rates and change the thresholds. Superannuation guarantee increases from 11% to 11.5% – check the impact on any salary package arrangements....
by Teigan Amos | Jun 12, 2024 | Articles
New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months. Alarmingly, the research revealed that more than half surveyed, said...
by Teigan Amos | Jun 12, 2024 | Articles, Trusts
The ATO has warned that it is looking closely at how trusts distribute income and to who. The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before...
by Teigan Amos | Jun 12, 2024 | Articles, EOFY
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For you Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your...
