What’s Changing on 1 July 2024?
There are changes to the tax rates coming on 1 July 2024. Here’s a snapshot of what to expect.
Month: June 2024
5 million+ Struggle with Mortgage Payments
New research from ASIC’s Moneysmart shows that 47% of Australian adults with debt, equivalent to 5.8 million people, have struggled with repayments in the past year. Over half of those surveyed are unaware they can request financial hardship assistance from their lenders, with many preferring to sell assets or get a second job instead.
ATO Fires Warning Shot on Trust Distributions
The ATO is intensifying its scrutiny on how trusts distribute income. Trustees must carefully review trust deeds, ensure compliance with distribution requirements, and understand the implications of family trust elections. Changes in tax return reporting now require detailed information on trust income distributions. It’s crucial for trustees to get it right to avoid significant tax ramifications. Learn how to navigate these complexities and ensure your trust distributions are compliant.
The Essential 30 June Guide
Prepare for the end of the financial year with our essential guide. Learn how to maximize deductions, make strategic superannuation contributions, navigate work from home expenses, and understand the ATO’s areas of scrutiny. Ensure your tax returns are accurate and beneficial.
