- June 22, 2024
- Posted by: admin
- Category: Uncategorized
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Following are some of important tax time tips and actionable.
- To claim a deduction for employee superannuation in Tax 2024, this must be paid before 30 June 2024.
- Lodge Taxable Payments Annual Reports (TPAR) by 28 August 2024
- Arrange year end stocktake.
- Small Business Skills and Training Boost – extra 20% bonus deduction may be claimed on training courses at eligible registered training organisations. This incentive ends on 30 June 2024.
- Small Business Energy Incentive – extra 20% bonus deduction capped at $20,000 may be claimed on costs that supports electrification and more efficient use of energy. This is ending 30 June 2024.
- Make minimum Division 7A loan repayments are made by 30 June 2024 and arrange applicable Division 7A loans under loan agreements.
- Temporary full expensing has ended, now $20,000 immediate asset write-off applies Fy2024.
- ATO now collects loans information from banks or other lenders directly as data matching exercise against Rental or investment properties, including loan balance, interest charged, address, names etc. etc., so client are advised to take extra care when providing your loans or interest paid information for preparation of your tax returns or financial statements.
- Not-for-profits – changes to annual reporting for reporting requirements for not-for-profit organisations that self-assess as an income tax exempt charity. From 1 July 2023, non-charitable NFP are required to lodge an annual self-review return ( some conditions apply). The annual self-review return for the 2023–24 year will be required to be lodged between July and October 2024.Exemptions include a government entity or a charity registered with the Australian Charities and Not-for-profits Commission (ACNC) and taxable NFP organisations.
- Document trust resolutions and dividend declarations before 30 June 2024. Necessary minutes and dividend statements should be issued.
- Review and finalize Single Touch Payroll (STP) declarations by 14 July 2024 or the relevant closely held payee due date