3rd Quarter 2024

21 JANUARY 2024

• December 2023 monthly business activity statement - due date for lodgement and payment except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.

INCOME TAX CUTS AND THE END OF SOME CONCESSIONS

From 1 July 2024, the stage 3 tax cuts that radically simplify the personal income tax brackets come into effect. The tax cuts collapse the 32.5% and 37% tax brackets into a single 30% rate for those earning between $45,001 and $200,000 – this is assuming the May Federal Budget does not postpone or scrap them.

The agent nomination process is a new requirement by the Australian Taxation Office (ATO) to help ensure only your authorised tax agent, BAS agent or payroll service provider can access your accounts and act on your behalf for your tax and super affairs.

It’s only human to make a mistake or forget to do something. When it comes to your tax return, the good news is you generally have 2 years to amend your return.