Posted by Dean McKinnon
on 29 February 2024
The federal government announced recently that they would introduce amendments to disallow tax deductions for interest incurred on tax debts
Both the General Interest charge and Shortfall Interest Charge will not be a tax-deductible expense for the taxpayer
The changes are proposed to commence from 1 July 2025 – i.e. 2026 FY
Currently, both Interest Charges are tax deductible to the taxpayer
...
Posted by Dean McKinnon
on 23 February 2024
The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation
If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation
The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action
Th...
Posted by Dean McKinnon
on 16 February 2024
The federal government recently announced that they would propose changes to the legislated income tax rates, commencing in the 2024-2025 FY
The proposed tax rate (legislated by the previous government) was to commence 1 July 2024 and included abolishing the 37% Marginal Tax Rate, with a new 30% rate on taxable income between $45,000 and $200,000
The current government intends to not proceed with the legislated tax rates and introduce their own tax brackets including a...
Posted by Dean McKinnon
on 9 February 2024
In an effort to increase protection from scams the ATO recently announced they would be removing hyperlinks from text messages they send to taxpayers
Often criminals will send text messages that appear to be from the ATO and include a hyperlink with instructions for the recipient to click on the link
The hyperlink may even open up a website that appears to be legitimate but it is in fact a fake and designed to illicit information about the user which can then be used to steal th...
Posted by Dean McKinnon
on 31 January 2024
The federal government has introduced a law into the parliament that would provide assistance to eligible persons to buy a home
It's not law yet so exact details can't be confirmed
It's likely there will be an eligibility criteria but what that will be has not been confirmed
The government proposes to contribute 30% of the purchase price for existing homes and 40% for new homes
The buyer will likely need to have 2% cash savings to contribute to the purchase
There will likel...