Checklist | Kasker Associates

Income Tax Rates

Sophie — Thu, 27 Jun 2024 06:01:31 +0000

2026–27 financial year

TAXABLE INCOME	Tax (not including 2% Medicare levy)
$0 – $18,200	0% (tax-free threshold)
$18,201 – $45,000	15% (down from 16%)
$45,001 – $135,000	30%
$135,001 – $180,000	37%
$180,001 and over	45%

These rates apply to Australian tax residents and are marginal, meaning each rate applies only to income within that bracket. The Medicare levy of 2% is additional, and Low Income Tax Offset (LITO) and other offsets may also apply

Foreign resident tax rates 2026–27 (same in 2024 and 2025 FYs)

Income up to $135,000	30%
Income from $135,001	37%
Income over $190,000	45%

2025–26 financial year

TAXABLE INCOME	Tax (not including 2% Medicare levy)
$0 – $18,200	0% (tax-free threshold)
$18,201 – $45,000	16%
$45,001 – $135,000	30%
$135,001 $180,000	37%
$180,001 and over	45%

Money Smart Tax Calculator:
https://moneysmart.gov.au/work-and-tax/income-tax-calculator

Latest tax changes 2025/26

Sophie — Thu, 27 Jun 2024 05:31:06 +0000

The corporate tax rate for companies are base rated entities is 25% from the 2022 and future years.
Work from home fixed rate: The fixed rate for work from home expenses for 2024–25 is 70c per hour.
Cents per kilometre increase
The cents per kilometre rate for work-related car expenses for 2024–25 is 88c per kilometre.
Electric vehicle home charging rate – plug-in hybrid electric vehicles
- From 1 July 2024, if you own and use a plug-in hybrid electric vehicle (PHEV) you can use the EV home charging rate to calculate the cost of charging your PHEV at home.
  - To use the EV home charging rate of 4.2c per kilometre to determine the cost of your electricity, you must:
    - have kept the relevant records for the income year
    - be claiming your car expenses using the logbook method or claiming your actual work-related vehicle expenses.
    - If you choose to use this rate and your vehicle doesn’t have the ability to accurately determine the home charging percentage, you can’t claim commercial charging station costs you incurred during the income year as a separate deduction.
  - Alternatively, you can choose to claim the electricity used for charging your PHEV by determining the actual cost incurred. Owners of zero emissions electric vehicles (EVs) can continue using the EV home charging rate provided they meet the relevant requirements.
    - (This guidance doesn’t apply to electric motorcycles or electric scooters).
From 2026, taxpayers won’t need receipts to claim a deduction of less than $1,000 for work-related expenses in their tax return (it is still $300 limit until 30 June 2026 F). While the ATO won’t ask you for receipts if your claim is below this amount, they may still ask you to explain what it was, how you paid for it, and how it is related to your work.
From 1 July 2024, Employer Superannuation Guarantee is to be increased from 11.5% of the gross wages.
From 1 July 2025, Employer Superannuation Guarantee is to be increased from 12% of the gross wages.
Businesses’ Instant write-offs:
1. As part of the Federal Government’s Coronavirus Stimulus Package, the Instant Asset Write-Off threshold is $20,000 (GST inclusive) per asset acquired. This change applies to businesses with an aggregated annual turnover of less than $10 million, where those assets are first used or installed ready for use after 1 July 2024.
“Technology Investment Boost” – deductions ended 30 June 2024.
Digitising “Taxable Payments Reporting” system
- From 1 January 2024, businesses can able to report Taxable Payments Reporting System data via their accounting software on the same lodgement cycle as their activity statements
Digitalising trust income reporting
- Trust and beneficiary income reporting and processing can digitalise with all trusts being provided with the option of lodging income tax returns electronically.
Selling and purchasing property
- From 1 January 2025 the foreign resident capital gains withholding (FRCGW) rate increased to 15% (ALL properties). Australian residents selling property need a clearance certificate to avoid having an amount withheld from the sale price.
Housing tax incentives – build to rent developments
- The housing tax incentives give owners and investors in large-scale eligible build to rent developments access to an accelerated deduction of 4% for capital works relating to build to rent developments and a concessional final withholding tax rate of 15% on eligible fund payments (amounts referrable to rental income and capital gains from the build to rent development). For more information, see ATO: Build to rent development tax incentives.

Small business instant asset write-off extension

Sophie — Thu, 27 Jun 2024 04:39:50 +0000

From 9 May 2023, the Instant Asset Write-Off threshold is $20,000 (GST inclusive) per asset acquired. This change applies to businesses with an aggregated annual turnover of less than $10 million, where those assets are first used or installed ready for use after 1 July 2024.

Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use from 1 July 2024.

Small businesses that have claimed immediate deduction for an asset under the simplified depreciation rules in a prior income year can also immediately deduct an amount included in the second element (cost addition) of that asset’s cost, where the amount is:

the first amount of second element cost incurred after the end of the income year in which the asset was written off
less than $20,000
incurred the cost and ready to use the asset(s) within the financial year.

The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.

Assets valued at $20,000 or more can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that. In addition, pool balances under $20,000 at the end of 2023–24 income year will be able to be written off.

(above information is from the ATO publication QC 72501)

Checklists & Forms

Sophie — Thu, 04 Nov 2021 06:51:53 +0000

Personal Tax Checklists & Forms

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Checklist – personal tax return

Working From Home – Factsheet

Client Engagement Forms

Sophie — Thu, 04 Nov 2021 05:45:25 +0000

Click here to download a “Client Engagement Form”

SMALL BUSINESS CHECKLIST

Sophie — Thu, 04 Nov 2021 04:01:45 +0000

Small Business Tax Checklist

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Checklist – Small Business Tax Checklist

Preparing For Your Tax Appointment

Sophie — Thu, 04 Nov 2021 01:02:38 +0000

Thank you for your booking. We have included the following helpful checklists for you. Please click on the links below to download and come to the appointment with the necessary documents. If you cannot obtain all the information, please do attend the appointment as we are able to communicate afterwards. For company clients, we will contact you before the appointment to assist you.

Personal Income Tax Checklist
Business Income Tax Checklist
Client Engagement Form (this form is required for us to act for you. we have them in our office when you visit

If you have any issues attending the appointment, please advise the office immediately by:

phone: 02- 9498 2655

SMS: 0478 521 488 or

by email: sophie@kaskertaxation.com.au

Alternatively, we are able to assist you remotely by using email or phone call to complete your tax returns. Please do not hesitate to let us know what will suit you.

We look forward to assisting you.

Sophie Kasker/Principal

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Rental Property Checklist

Sophie — Wed, 03 Nov 2021 08:18:16 +0000

INVESTMENT PROPERTIES CHECKLIST:

Do you have an investment property that is rented out during the financial year?

Property address:
Purchase date:
Purchase price:
Your ownership share (%). The other owner’s name(s) & share %.
The first date that the property was rented:
Total number of weeks the property “available to rent”:
Do you receive a real estate agency’s “end of year financial statement”?
If youIncome includes: manage the property by yourself, you will be able provide summaries for all income and expenses related to the rental property.
Do you have a “depreciation schedule”? Please provide a copy from a licensed quantity surveyor if you have one.

Income includes:

Rental income (if it is commercial, excluding GST)
Water usages paid by the tenants
Bond refund collected by the landlord after tenant vacates
Insurance payouts
Other re-imbursed payments

Rental expenses you can claim:

advertising for tenants
bank fees
strata levies
cleaning costs
council rates
water rates
gardening and lawn mowing
insurance – building, contents and public liability
interest expenses
land tax
pest control
phone
property agent fees and commissions
repairs and maintenance
stationery and postage
borrowing expenses (claim over 5 years)
the decline in value of depreciating assets & capital work
Other Useful references:
- Click here to see the changes in Depreciation Rules from 7:30pm 9 May 2017
- ATO link for a rental property BOOKLET: https://www.ato.gov.au/uploadedFiles/Content/IND/Downloads/Rental-properties-2021.pdf

Law changes from 2018 FY:

Travel expenses

From 1 July 2017, travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as deductions by investors.

Depreciation schedules (quantity surveying report) – Do you have a depreciation report ready? Please contact this office if you have any queries.

Please note that subsequent owners (those who purchase a second-hand property) who exchange contracts after the 9^th of May 2017 will not be able to claim depreciation on existing plant and equipment assets. Buying a new property will not be affected.
Any additional assets added to a property can be depreciated as normal
Investors will still be eligible to claim qualifying capital works deductions, which are the deductions available on the structure of the building.

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Kasker Associates, Taxation & Business Solutions

ABN: 29 299 294 685

Address:
Suite 3, 784 Pacific Highway Gordon NSW 2074 (cnr of Moree Street)
Parking:
Parking on Moree Street.
Plenty of parking at Gordon Shopping Centre Carpark on Moree Street

Opening Hours:
Monday – Thursday: 9:00am – 6:00pm
Friday: By appointment (9:00am – 4:00pm)
Saturday available: By appointment only
After-hours on Tuesdays & Thursdays available – to 7:30pm by appointment only