- 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).
- To use the EV home charging rate of 4.2c per kilometre to determine the cost of your electricity, you must:
- 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.
- 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:
- 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.