- The corporate tax rate for companies are base rated entities is 25% from the 2022 and future years.
- Instant write-offs:
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.
- From 1 July 2024, Employer Superannuation Guarantee is to be increased from 10.5% to 11% of the gross wages.
- From 1 July 2025, Employer Superannuation Guarantee is to be increased from 12% of the gross wages.
- The loss carry back tax offset is another measure introduced during COVID and will be removed from the 2024 returns.
Loss carry back was a refundable tax offset for eligible corporate taxpayers to claim for losses in the 2019–20 to 2022–23 tax income years.
- “Technology Investment Boost” – deductions can only be claimed in the 2023 and 2024 financial year. It ends 30 June 2024.
From 29 March 2022, for eligible small business with aggregated annual turnover less than $50M, an annual cap of $100,000 will apply to eligible technology expenditure, with the initiative set to last until 30 June 2023. This allows businesses to claim the bonus 20% deduction for the cost of expenses and depreciating assets, such as portable payment devices, cybersecurity systems and subscriptions to cloud-based services.
- Digitising “Taxable Payments Reporting” system
From 1 January 2024, businesses will be 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 will be digitalised with all trusts being provided with the option of lodging income tax returns electronically.
- Working from home deduction rules – same as in the 2024 financial year.
You can claim 67 cents per hour / flat rate. However you need to diarise the hours you worked from home. The flat rate includes the expenses like mobile costs, internet, stationeries and computer consumables. Please refer to the factsheet under Checklist on this website.
- Work-related car deductions: if you use kilometre method, it is 85 cents per hour under 2024 financial year.