Important Updates and Deadlines this New Financial Year
Happy New Financial Year!
As we embark on a new financial year, we want to take a moment to extend our warmest wishes for a Happy New Year! We also want to ensure that you are well-informed about important matters related to this new financial year.
Don’t forget to attend to your year ended 30 June 2024:
- STP Finalisation – Due 14th July.
- Payroll Tax Annual Return.
- Long Service Leave Employer Return.
- Taxable Payment Annual Report (TPAR)
Tax Lodgement Due Dates:
- Most entities will have a lodgement due date of 15 May 2025.
- Entities that has income in 2023-24 financial year of more than $2M have a lodgement due date of 31 March 2025.
- If your 2023 tax return was not lodged by 30 June 2024, your 2023 return will have a due date of 31 October 2024.
What’s New?
Changes to Superannuation
The superannuation guarantee rate has increased from 11% to 11.50% from 1 July 2024.
Changes to Award Pay Rates
The national minimum wage also increased by 3.75%. Please make sure you review your employees’ rates of pay.
Wages figures in Activity Statements
From July 2023 the ATO will prefill wages and wages tax figures into activity statements based on Single Touch Payroll (STP) Data lodged with your pay runs. If you prepare your own activity statements, please ensure you check that the wages and wages tax figures are correct before loading the information.
New Legislation Passed
The increase to the instant asset write-off threshold from $1,000 to $20,000 for 2023-2024 has passed Parliament just days before the end of the financial year.
Eligibility to access the instant asset write-off looks at both the business entity and the asset.
To utilise the instant asset write-off, the business entity must:
- Be carrying on a business under general principles in the 2024 income year.
- Have an aggregated annual turnover of less than $10m in the 2024 income year or 2023 income year.
- Choose to apply the simplified depreciation rules for the 2024 income year.
As always, do not hesitate to contact us.
Kind regards,
SaabTeece
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