1st Quarter 2025

14 JULY 2024

• Payers must issue 2023-2024 PAYG Withholding payment summaries to payees (that is, employees and other workers).

You may be exempt from giving payment summaries and a payment summary annual report for the amounts you reported through Single Touch Payroll (STP). This information will be made available to your employees as an income statement through ATO online services via myGov. To be exempt from issuing these payment summaries to your employees, you will need to make a STP finalisation declaration by 14 July 2024.

Below is a summary of the key changes for individuals and business.

With the end of the income year closing in fast, the Australian Taxation Office (ATO) has announced three of its key focus areas for tax time.

KEY THINGS TO CONSIDER WHEN MAKING TRUST DISTRIBUTIONS

Many trustees and practitioners at this time of the year would be turning their mind to resolutions in relation to trust distributions. The Australian Taxation Office (ATO) has warned that it is looking closely at how trusts distribute income and to who.