Tax Issues to Consider for Year End (June 2024 Tax Update)

Relevant For:

Australian small-to-medium business owners, trustees, NFP organisations, and individuals interested in year-end tax planning.

Key Points:

  • Stage 3 tax cuts effective from 1 July 2024, affecting PAYG withholding.
  • Skills and training boost provides a 20% deduction for eligible training expenses for businesses.
  • New reporting requirements for non-charitable NFPs to self-assess income tax exemption.
  • Trustees must ensure valid trust distributions and consider section 100A integrity rules.
  • Division 7A considerations for private company loans and payments to shareholders.
  • Superannuation guarantee rate increases to 11.5% from 1 July 2024.
  • Awaiting legislation on energy incentives and changes to HELP loan indexation.
  • Increase in penalty units from 1 July 2024.

Full Article:

Year-end seems to roll around faster than ever, so as we enter the last few weeks of the 2023–24 income year, now is the time to ensure your tax and superannuation affairs are in order.

What we know:

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