From the 2024 Financial Year, certain Not-for-profit entities will be required to lodge a NFP Self-review Return to determine their tax exempt status. Previously this has been self-assessed. The new requirements don’t apply to not for profits who are...
The government has announced changes to the stage 3 tax cuts set to take effect from 1 July 2024. Originally the benefits of the stage 3 tax cuts were weighted towards higher income earners but some of this saving...
There are a number of budget measures that small business owners need to be aware of, particularly if you are planning on purchasing new plant and equipment. Below is a summary of measures that impact on small business: Immediate...
The government has enjoyed a windfall gain, contributed to by high resource prices and increased taxes due to inflation and higher than expected employment. Most of the extra income has not been spent and has resulted in a forecast...
The ATO has issued a new, less generous method for calculating home office expenses and also introduced increased record keeping requirements. The new record keeping requirements apply from 1 January 2023 and the new home office deduction rate applies...
