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Stay on Top of Your Tax Game: ATO Focus Areas for Tax Time 2024!

With tax time 2024 just around the corner, it's crucial to be aware of the ATO's focus areas to ensure a smooth and error-free tax return process. Here's what you need to know:

Your Comprehensive Guide to Australian Tax Returns 2024

Navigating Australia's tax landscape can seem daunting, but it doesn't have to be! Let's break down everything you need to know for the 2024 tax season, making it easier than ever to stay compliant and informed.

Understanding Australia's Tax System

Australia's progressive tax system means the more you earn, the more you pay in taxes. With the tax year running from 1 July to 30 June, it's essential to be aware of key dates to avoid penalties and make the most of your financial planning.

Important Tax Dates for 2024

21 January 2024:
Ensure you've paid the quarterly PAYG activity statement for head companies of combined business groups for June 2023–24. Remember, businesses earning less than $10 million annually, filing GST returns online monthly, are exempt from the December 2023 monthly business activity statement.

28 January 2024:
Don't forget your superannuation guarantee contributions for the October-December 2023 period (Quarter 2 of 2023-24). Timely payments are crucial to avoid penalties and ensure compliance.

15 May 2024:
Entities not previously obligated to submit must file their 2024 tax filings. This includes surviving combined entities, companies, and superannuation funds. Individuals and trusts must adhere to payment deadlines as per their notice of assessment.

25 June 2024:
Tax returns for all entities exempt from taxes or receiving a credit evaluation must be submitted by 15 May 2024. Failure to meet this deadline could result in penalties, but the ATO offers some concessions for timely lodgment and payment.

30 June 2024:
To claim a tax deduction for the 2023–24 financial year, ensure super guarantee contributions are paid by the deadline. Additionally, clients receiving Child Care Subsidy and Family Tax Benefit payments must submit their 2022-23 tax return by 30 June 2024.

1 July 2024:
Before jumping into tax season, ensure your documentation is 'tax ready,' especially if you have a full-time job and a side business. Employers have until 14 July to update and upload PAYG tax and superannuation payments.

31 October 2024:
Individuals, sole proprietors, contractors, and trusts must file tax returns with the ATO by this date. However, using a tax professional extends this deadline to 15 May, conditional on registration by 31 October.

28 February 2025:
Medium to large trusts with an income exceeding $10 million must submit tax returns by this deadline, including new registrations for these trusts.

31 March 2025:
Individuals and trusts with a tax liability of $20,000 or more must file tax returns by this due date.

Conclusion

Filing your tax return on time and understanding the intricacies of Australia's tax system can save you time, money, and stress. If you're unsure or need assistance, professional advice is invaluable. Don't hesitate to reach out to experts like Ideas Group for guidance on preparing your BAS, IAS, or any tax-related queries. We're here to help you navigate tax season with ease and confidence!

In: Tax

Strengthening the Foreign Resident Capital Gains Tax Regime

The Government is taking action to enhance the foreign resident capital gains tax (CGT) regime. Announced on 14 May 2024 as part of the 2024–25 Budget, these measures aim to ensure foreign residents pay their fair share of tax in Australia and provide clearer rules for everyone involved.

In: tax guide

Warning: Think Twice Before Accessing Your Super Early

Superannuation is a crucial part of retirement planning, designed to ensure you have enough funds to live comfortably when you stop working. While it may be tempting to dip into your super for immediate financial needs, doing so without meeting the strict conditions can land you in hot water.

Spotting Illegal Early Access Schemes

Be wary of schemes suggesting you use a self-managed super fund (SMSF) to access your super early for purposes like paying off business debts, buying a car, or funding a holiday. These are often warning signs of illegal early access schemes.

Educate Yourself

Our fact sheet provides detailed insights into these schemes, helping you identify the warning signs and avoid potential pitfalls. Download it to stay informed.

The Risks of Illegal Super Access

Illegally accessing your super can lead to severe consequences:

  • Disqualification: You may be disqualified as an SMSF trustee, which becomes a part of your public record.

  • Financial Penalties: Expect to pay additional tax, penalties, and interest, making it a costly mistake.

What Should You Do?

If you've accessed your super early or suspect any fraudulent activity, don't hesitate to contact us. We're here to help you navigate the complexities and ensure you're on the right track for a secure retirement. Remember, it's never too late to seek advice and rectify any mistakes. Stay informed, stay safe!

Source: ATO  Published 18 April 2024

  • Should you have any queries, please contact Tax Ideas Accountants & Advisers on
    +61 2 83181545
  • Alternatively, you can book an appointment in our live calendar.

Stay Informed: AFP Cracks Down on $1 Billion Tax Fraud Scheme!

The Australian Federal Police (AFP) is taking action against a Sydney-based cheque-cashing entity, seizing $500,000 in an ongoing investigation into a suspected $1 billion tax fraud operation.

In: Tax

Review of AAT Decision: Reduced Input Tax Credit Claims

The Administrative Appeals Tribunal (AAT) recently ruled on a case involving a property developer's reduced input tax credit (RITC) claims. Despite insufficient evidence to substantiate some deductions, the developer saw a partial win, with a reduction in primary tax and administrative penalties. Here's a breakdown of the case and its implications for taxpayers.

Guidance on Supporting Reduced Input Tax Credit Claims

The ATO has released guidance to assist taxpayers in supporting reduced input tax credit (RITC) claims, particularly concerning complex IT outsourcing agreements used in making input taxed supplies.

Government to Pay Superannuation on Paid Parental Leave

In a significant move aimed at advancing gender equality and bolstering retirement savings, the federal government has announced plans to provide 12% superannuation on government-funded paid parental leave (PPL) starting from July 2025.

ATO Raids Uncover Illegal Sales Suppression Technology

The Australian Taxation Office (ATO) has recently intensified its efforts to combat tax evasion through the use of electronic sales suppression tools (ESSTs). These tools, often integrated into point-of-sale systems, manipulate transaction records to evade taxes. Since October 2018, manufacturing, supplying, possessing, using, or promoting ESSTs has been deemed illegal in Australia.

FBT Season 2024: ATO Compliance Update

As the FBT season dawns upon us once again, Wolters Kluwer recently hosted the Fringe Benefits Tax 2024 — Annual FBT Compliance Update with the ATO webinar. Jennifer Madigan, Director, FBT Risk & Governance at the ATO, along with a panel of experts, provided crucial updates on various FBT matters. Here's a summary of the key topics discussed:

Transfer of Business Property Between Family Members in Australia

Transferring business properties between family members in Australia comes with its own set of regulations and steps. Here's a concise guide to help you through the process:

Navigating the Realm of AI Regulation: ASIC's Firm Stand

In a pivotal address at the University of Technology Sydney, ASIC's chair, Mr. Joe Longo, tackled the pressing issue of regulating Artificial Intelligence (AI) within the corporate landscape. With the rapid expansion of AI technology, ASIC's proactive stance underscores the need for responsible governance to navigate this evolving terrain effectively.

Bills to Tighten Foreign Investment Controls

Strengthening Regulations: Australian Government Introduces Bills to Tighten Foreign Investment Controls

In a move aimed at reinforcing oversight on foreign investment in residential properties, the Australian government has introduced new bills to amend regulations and fees. Here's a concise overview of the proposed changes and their potential impact on the real estate market.

Navigating: The Scoop on Fuel Tax Credit Rates for Businesses

Fuel tax credit rates, a crucial aspect of business finances, undergo regular changes, making it imperative for businesses to stay informed and apply the correct rates.

The Scoop on Proposed Changes to Stage 3 Income Tax Cuts

In a strategic move to reshape individual income tax structures, the government has laid out a proposal that promises significant alterations to the legislated "Stage 3" tax cuts. Brace yourselves for the lowdown on these anticipated modifications and their potential impact on your financial landscape.

In: Tax

Navigating Changes to NSW Land Tax: the Family Home Exemption

In the ever-evolving realm of taxation, the NSW State Budget 2023/24 has introduced significant changes to the family home exemption from land tax. This alteration, outlined in the Land Tax Management Act 1956 (NSW) (LTMA), warrants a closer examination of the existing regulations and the impending modifications.

ATO Updates on Goods Taken from Stock for Private Use in 2023–24

In a recent development, the Australian Taxation Office (ATO) has revised the acceptable estimates for the value of goods taken from trading stock for private use in the fiscal year 2023–24. This update brings forth important considerations for taxpayers, especially those in specific industries.

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