2nd Quarter 2025

21 OCTOBER 2024

• Annual pay as you go (PAYG) instalment notice (Form N) – due date for payment. Lodgement is only required if you vary the instalment amount or use the rate method to calculate the instalment.

• September 2024 monthly activity statements - final date for lodgement and payment.

Treasury has released a fact sheet detailing the proposed Payday Super measure announced in the 2023-2024 Federal Budget. The reforms seek to address non-payment and underpayment of superannuation by forcing employers to make Superannuation Guarantee (SG) contributions more frequently. In this case, on the payday of the employee.

Own an investment property or an expensive lifestyle asset like a boat or aircraft? The Australian Taxation Office (ATO) are looking closely at these assets to see if what has been declared in tax returns matches up.

The ATO has initiated two data matching programs impacting investment property owners and those lucky enough to hold expensive lifestyle assets.

The instant asset write-off threshold increased from $1,000 to $20,000 for 2023-2024. Here’s what it means:

The increase to the instant asset write-off threshold provides a major cashflow advantage by enabling small businesses to claim an immediate tax deduction for certain assets in the year of purchase, instead of spreading the deduction over a number of years.