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- Welcome to a New Financial Year!
Welcome to a New Financial Year!
Tue Jul 9 0:21:04 UTC 2024
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We have entered a new financial year from 01st July 2024 for many taxpayers in Australia. This brings out some changes to tax laws and related matters. RCB Advisors team have summarised some of these changes in this newsletter. Please take time to read these through and feel free to contact our team members for any clarification or assistance.
Stage 3 individual income tax cuts
Stage 3 tax cuts announced by the government took place as at the start of this financial year on 01st July 2024. This will provide tax cuts to all Australian tax resident taxpayers with tax rates of 19% being replaced with 16% for income bands to $45,000 and dropping to 30% for income between $45,000 - $190,000 and no change to top marginal tax rate of 45% for income over $190,000 (up from $180,000 in the previous year). The rate cuts impact all non-resident and working holiday taxpayers too.
Please read more here
Employer SGC Rate up to 11.50%
Employer’s superannuation guarantee charges rate (SGC) to make contributions to their employees is going up from current rate of 11% of the Ordinary Earnings to 11.50% effective 01st July 2024.
Small Business instant asset write-off threshold extension to 30th June 2025 proposed:
The government has announced that the instant asset write-off threshold for small businesses applying the simplified depreciation rules to be $20,000 for the 2023–24 has now been proposed to be extended to 2024–25 income years. Bills to increase this threshold are currently before parliament. The “lock-out” rule preventing a small business entity from choosing to apply the simplified depreciation rules for 5 years after opting out will also continue to be suspended until 30 June 2025. It is likely these will pass both the houses. So, if you are considering investing in any business asset and taking advantage of the instant write-off in the 2024-25 financial year, please take notice of this opportunity. This applies to both new and second-hand assets with some exceptions where this write-off is not available.
Payroll Tax Threshold in Victoria Goes Up from 01st July 2024
Payroll Tax Threshold in Victoria is going up from $700,000 annually to $900,000 annually with monthly threshold at $75,000 per month for monthly returns. The payroll tax rate remains the same at 4.85%.
From 01st July 2025, the threshold will further go up to $1,000,000 annually or $83,333 for monthly returns with tax rate of 4.85% remaining the same.
In all cases, the special discounted pay roll tax rate of 1.2125% applies to all Regional Employers i.e. 85% or more of your total Victorian Taxable wages relate to regional staff across Victoria.
Superannuation – Concessional and non-concessional threshold going up from 01st July 2024
Concessional: The concessional superannuation contribution cap is going up from $27,500 to $30,000 from 01st July 2024. These include the Employer’s superannuation guarantee charge rate (SGC as well as any personal contributions claimed in your personal tax return.
Non-concessional: The non-concessional superannuation contribution cap is going up from $110,000 to $120,000 from 01st July 2024. These are your post tax contributions i.e. contributions, you do not claim a personal tax deduction for.
From 01st July 2025, the threshold will further go up to $1,000,000 annually or $83,333 for monthly returns with tax rate of 4.85% remaining the same.
Please note that are limitations on the above contributions due to age, work status and total superannuation balance requirements so please contact your advisor for further assistance.
For further assistance with the above announcements and opportunities, please contact your RCB Advisors team member as soon as possible.
Source: CCH, ATO and The Treasury
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- End of Financial Year 2022 - checklist (under Latest News)
Some of the tax related changes taking place effective 01st July 2022 are as follows: Employer SGC Rate up to 10.50%.
- penalties for underreported expenses (under Latest News)
Please feel free to contact your RCB Advisors’ team member for any further assistance.
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- Location
- Latest News
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- Superannuation Changes
- Small business instant asset write-off
- Small business technology investment
- end of financial year checklist - 22/23
- Federal Budget 2023-24
- Electric vehicle expenses
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- single touch payroll
- Federal Budget 2022-23 Summary
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- penalties for underreported expenses
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- Victoria COVID-19 package
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- End of financial year 2020-21 Tax tips and tax return checklist
- Tax tips and tax return checklist
- JobKeeper/Cash Flow Boost eligibility
- 2021 Federal Budget
- 2020/2021 Federal Budget
- Extension of the JobKeeper Payment
- Business Support Fund Grants
- Investment Returns - 30 June 2020
- Virtual Meetings
- Government Business Support Fund
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- End of Financial Year matters
- Super and Financial Planning Strategies
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- Staff News: New addition to our team
- RCB Community Day - May 2019
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- Welcome to RCB Advisors
- Latest News
- Welcome to a New Financial Year!
- 2024 Federal Budget
- Small business energy incentive
- Superannuation Changes
- Small business instant asset write-off
- Small business technology investment
- end of financial year checklist - 22/23
- Federal Budget 2023-24
- Electric vehicle expenses
- Work from Home changes
- single touch payroll
- Federal Budget 2022-23 Summary
- End of Financial Year 2022 - checklist
- Federal Budget 2022
- penalties for underreported expenses
- downsizer contributions
- Temporary expensing of assets
- Victoria COVID-19 package
- Employee share scheme tax
- Change in super rules for new employees
- End of financial year 2020-21 Tax tips and tax return checklist
- Tax tips and tax return checklist
- JobKeeper/Cash Flow Boost eligibility
- 2021 Federal Budget
- 2020/2021 Federal Budget
- Extension of the JobKeeper Payment
- Business Support Fund Grants
- Investment Returns - 30 June 2020
- Virtual Meetings
- Government Business Support Fund
- JobKeeper Payment Extended
- End of Financial Year matters
- Super and Financial Planning Strategies
- Year End Tax Planning
- Staff News: New addition to our team
- RCB Community Day - May 2019
- Inactive super accounts - changes
- Federal Budget 2019
- Super ready for the year-end
- The perils of market timing
- New PAYG Laws and on-time BAS lodgment
- Guidelines on satisfactory tax records
- Royal Commission financial services report
- Fringe Benefits Return Time is almost here!
- Holiday Homes and Deductions
- Global Tax Information Sharing
- Director identification numbers
- Changes to the company tax rate
- Market correction or market downturn?
- RCB Advisors Community Day out
- Investment returns to 30 June 2018
- Changes to GST on low value imports: what it means for you
- Tax Cut: Personal Income Tax Bill passes both houses of Parliament
- RCB Advisors completes its Second Year!
- Tax Planning implementation time
- SMSFs continue to fuel ETF growth
- Beware of electronic ASIC scam
- ATO warning on work-related car expense claims
- 2018/19 Federal Budget Highlights
- 2018 March quarter investment returns
- Changes to GST payments at settlement
- ATO Focus On Holiday Home Rental
- Single Touch Payroll
- ATO Issues Guidance On Cryptocurrencies Specifically Bitcoin
- ETF Masterclass at Federation Square
- Community Service at The Salvation Army
- Stockmarket slide on 6 February 2018 - what happened?
- Warning for hobbies claiming GST credits
- CA Financial Planning Specialisation
- HELP repayment levels set to change
- CGT main residence exemption removed for foreign residents
- Contributing the proceeds of downsizing to superannuation
- Investment Returns to 31 December 2017
- Fintechs and early stage investor incentive : Draft Legislation release
- Staggered cuts to the company tax rate update
- Team news at RCB Advisors and Community Service at Sacred Heart Mission
- A Financial hoax what and when is the next one?
- Payments to sportspersons for their "public fame" and "image"
- Buyers of Taxable Australian Property
- Superannuation Guarantee Non-Compliance
- What are ETFs?
- Tax incentives for investment in Australian innovation companies
- Home Office and Other Deductions
- Division 7A Loans on Ordinary Commercial Transactions
- Investment Returns to 30 June 2017
- RCB Advisors completes its First Year today!!!!
- Planning for Tax and Super changes
- Federal Budget Alert
- The housing market...why is it so hot!
- Fuel Tax Credits
- Non-Resident Trust
- Fringe Benefits Tax (FBT) and Utility Motor Vehicles
- Investment Returns - 2016
- Bellamy's The difficulty and risks of picking stocks
- Super Alert
- Company Tax Rate Reduction for Small Business Entities
- Claiming Work-Related Car Expenses
- What is contribution reserving?
- Not more super changes?
- what exactly are bonds and why should i have some in my portfolio?
- What our clients are saying...
- What is SuperStream and do I need to do anything?
- Why did the Reserve Bank cut the cash rate last week? What will happen now?
- So what is happening now with Brexit?
- What investment returns did you have in the last 12 months?
- What our clients are saying...
- What our clients are saying...
- Whats a hung parliament and how will it impact you?
- What our clients are saying about us...
- What does our client say...
- Welcome to RCB Advisors