4th Quarter 2024

21 APRIL 2024

• March 2024 monthly business activity statement - due date for lodgement and payment.

Australian Business Registry Services (ABRS) continues to engage with directors who haven’t met their obligations and if you are yet to apply for a director ID you may be contacted.

The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024. The amendments broadened the benefits of the tax cut by focusing on individuals with taxable income below $150,000. Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after.

Late last year, thousands of taxpayers and their tax agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.