Newsletter; Proposed 30% tax rate on earnings for super balances exceeding $3m stalled The Australian Government has introduced legislation so that, from 1 July 2025, super balances exceeding $3 million would be subject to a 30% tax rate on earnings. … Continue reading
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July 2024
Newsletter; Individual tax rates changes (plus some tax rate history) Individual tax rates changes (plus some tax rate history) From 1 July 2024, the tax rates have changed. Here is a comparison to 2023/2024 and 2014/2015 (ten years ago): 2024/2025 … Continue reading
May 2024 – Budget Update
Newsletter; 2024/2025 Budget Update (your five minute guide) Please find below a summary of the some of the more relevant budget announcements that affect taxation. There were no substantive tax measures in the budget. 2024/2025 individual tax rates Taxable income … Continue reading
December 2023
Newsletter; Christmas gifts/bonuses and Fringe Benefits Tax (FBT) There is a minor benefits FBT exemption which means that, in most cases, employers can spend less than $300 per employee without FBT being applicable. This threshold relates to each benefit provided, … Continue reading
October 2023
Newsletter; State payroll tax harmonisation & contractor doctors SA, QLD, NSW & VIC recently aligned their payroll tax legislation (while WA elected not to make any changes to their existing legislation). Payroll tax is an additional payment required by each … Continue reading
July 2023
Newsletter; STP finalisation due July 14 (no more payment summaries) & Superannuation guarantee rate increase from 10.5% to 11% STP finalisation due July 14 (no more payment summaries) When you report and lodge a finalisation declaration under STP, you are … Continue reading
