Two company announcements: 3 April 2024
As of 1 March, TaxBanter has officially joined the Count family of brands, marking a significant development in the tax education landscape. The acquisition significantly expands Count’s investment in leading Australian brands serving accounting and financial advice firms. In addition to TaxBanter, Count now offers the following resource services:
Revised Stage 3 personal tax cuts now law
On 27 February 2024, Parliament passed the Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 (the Bill) containing the Government’s revisions to the Stage 3 personal tax cuts, which take effect from the 2024–25 financial year. At time of writing the Bill is awaiting Royal Assent.
New ATO ruling on depreciation of composite assets
The ATO has recently finalised TR 2024/1 titled Income tax: composite items — identifying the relevant depreciating asset for capital allowances (the Ruling). The Ruling sets out the relevant principles identified by the Commissioner to assist in determining whether a composite asset is just one depreciating asset or a number of separate depreciating assets for tax depreciation (Div 40 of the ITAA 1997) purposes.
Tax Expenditures Statement
The Government has released its 2023–24 Tax Expenditures and Insights Statements (the TEIS). The TEIS provides estimates of the revenue forgone from tax expenditures, along with distributional analysis on large tax expenditures and commonly utilised features of the tax system.
Proposed new Stage 3 personal tax cuts now revealed
The Government has now confirmed the details of its proposed revisions to the Stage 3 personal tax cuts, which take effect from the 2024–25 financial year.
The currently legislated Stage 3 tax cuts form part of the Personal Income Tax Plan implemented by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.
Tax Yak Episode 63: Section 100A – reimbursement agreements
Our Senior Tax Trainers correct some of the misinformation around Work Related Expenses and the areas the ATO is focussing on for the year ended 30 June 2022.
Tax Yak – Episode 62 – Work-related expenses aren’t the only thing in the ATO’s sight
Our Senior Tax Trainers correct some of the misinformation around Work Related Expenses and the areas the ATO is focussing on for the year ended 30 June 2022.
Tax Yak – Episode 61 – Cryptocurrency and tax
Michael Bode talks to Danny Talwar of Koinly about the everchanging world of cryptocurrency, digital assets and tax.
Tax Yak – Episode 60 – Fringe Benefits Tax
In this episode of Tax Yak, Nicole Rowan chats with Michael Carruthers from the Knowledge Shop and Lee-Ann Hayes from TaxBanter about Fringe Benefits Tax (FBT).
With the end of the FBT year approaching, we’re checking in on the tax and reporting obligations of employers when they provide fringe benefits to their employees and we’ll also be catching up on changes in the FBT space.
Tax Yak – Episode 59 – STP Phase 2
In this episode of Tax Yak, Nicole Rowan chats with Haydon Green, Director of Single Touch Payroll, Policy & Content at the Australian Taxation Office, about the implementation of STP Phase 2.
