Last minute reprieve for tax agents — Code changes postponed
On the eve of the commencement of the contentious Code of Professional Conduct changes for registered tax and BAS agents, the Government has postponed the start date of the new obligations.
On 2 July 2024 the Assistant Treasurer, Stephen Jones, registered the Tax Agent Services (Code of Professional Conduct) Determination 2024 which introduces eight new obligations into the Code of Professional Conduct for registered practitioners (Tax Agent Services Act 2009).
TPB’s transitional approach for new Code obligations starting 1 August
On Thursday 18 July, the TPB released a set of Frequently Asked Questions (FAQs) in relation to the new Code of Professional Conduct (Code) obligations for registered tax agents which commence on 1 August 2024.
New Code obligations for tax agents
On 2 July 2024, the Legislative Instrument titled the Tax Agent Services (Code of Professional Conduct) Determination 2024 (the Instrument) was registered. Registered tax and BAS agents need to pay immediate attention to the Instrument as it introduces new obligations under the TPB’s Code of Professional Conduct (the Code) which comes into effect on 1 August 2024. Registered agents have only a few weeks to ready themselves and their practices to comply with the new obligations.
$20,000 instant asset write-off for 2024 is finally law
The temporary $20,000 instant asset write-off threshold for small businesses for the 2023–24 income year has finally been enacted, on the eve of the new financial year.
Tax return stationery for 2024 now available
The ATO has now released its suite of 2024 tax return stationery. Handy links to the forms are included in this article and the key changes are identified below.
For more detail on the changes see the ATO webpage Overview of key changes.
Federal Budget 2024–25: Changes to foreign resident CGT scope
In the 2024–25 Federal Budget, the Government announced that it will make changes to the foreign resident CGT regime to ‘strengthen’ it and provide greater certainty about the operation of the rules. The proposed amendments will apply to CGT events happening on or after 1 July 2025.
Federal Budget 2024-25: $20,000 instant asset write-off extended to 30 June 2025
In its 2024–25 Federal Budget handed down on 14 May 2024, the Government announced that it will extend the $20,000 instant asset write-off threshold for one year until 30 June 2025.
Federal Budget 2024–25 — promise of cost of living relief
On 14 May 2024, the Treasurer, Jim Chalmers, will deliver his third Federal Budget for the Albanese Government. The first two Federal Budgets focused primarily on relief and repair to manage inflation. The Treasurer has promised that the upcoming Budget:
TPB’s draft guidance on new breach reporting obligations
The Tax Practitioners Board (TPB) has released long-awaited draft guidance on the new breach reporting obligations due to commence 1 July 2024 setting out its preliminary views on key aspects of the rules and its proposed compliance approach.
Trust tax return changes from 1 July 2024
Ahead of the 2024 tax lodgment season, the ATO has recently published an update on its trust administration changes for trustees, beneficiaries and tax agents which will take effect from 1 July 2024. These changes form part of the Modernisation of Trust Administration Systems (MTAS) project and will affect lodgments for the 2023–24 and later income years.
