October/November eNewsletter

Our latest eNewsletter includes information on the following topics:

Personal middle income tax rate cut on the way:The Government is increasing the third personal income tax threshold that applies to personal income taxpayers.

Small business tax breaks in the pipeline: A Bill has been introduced which proposes, among other things, to lower the company tax rate to 25% by 2026–2027.

Single touch payroll reporting legislative changes: A Bill to establish a new reporting framework, Single Touch Payroll (STP), has been introduced in Parliament.

Take care with work-related deduction claims, says ATO: The ATO has reminded individuals to make sure they get their deductions right this tax time.

ATO eye on SMSFs and income arrangements: The ATO is aware of arrangements where individuals divert personal services income to an SMSF to minimise their income tax obligations.

Social welfare recipients data-matching program: The Department of Human Services is matching income data it collects from social welfare recipients with tax return-related data reported to the ATO.

Bonsella News: Updates from the Bonsella Team.