Member Updates
Scroll down to see details of the following recent updates. For details about all site updates go to Main Menu/Site Updates.
- Professionals Profit
- Excel Help
- Rental Properties
Professionals Profit
The ATO is watching your professional clients to see if they comply with the guidelines in PCG 2021/4 when allocating profits to individual practitioners. These guidelines apply to professional firms which include, but are not limited to, accounting, architecture, engineering, financial services, law, medicine and management consulting.
Direct quotes from the guidelines include –
- Para 25 – they “expect you to annually assess your eligibility to apply this Guideline” and “If you want to apply this Guideline, we expect you to document your assessment of, and also to review, your eligibility as your business or arrangement changes.”
- Para 107 – they will “”monitor outcomes over a period of time”
- Para 111 – they “may fact-check your assessment of your profit allocation. If you are unable to provide evidence to support your assessment, we may undertake further compliance activity.”
This new calculator will help you to assess any risk associated with profit allocations among your professional clients. The important features of this workbook include –
- It has a procedures checklist to assist with the process and to check on the client’s eligibility to apply the guidelines;
- You can do an actual risk assessment for 2024;
- And if any issues are found, you can project an assessment for 2025 with a view to making adjustments to future allocations of profit;
- You can use just one file to assess the risk for any number of practitioners within the same firm, from one to all;
- Automatic calculations are performed for income tax, FBT and superannuation contributions tax;
- For guidance, the file includes a sample assessment showing how to enter data for most situations; and
- You can copy suggested text explaining the guidelines and the client’s risk rating and paste it into an outgoing email or letter to your client.
Click here to see a video demonstration of this calculation.
This calculator cannot be used for the old guidelines suspended in 2017.
Calculations/2024/Professional Profits
Excel Help
There is a new menu item in our Calculations module with specific help on the following procedures which will help you get the most out of using our Excel files –
- Embedding PDF documents into your file;
- Formulas not working
- Macros (downloading and using our files);
- Using multiple windows;
- Pasting or importing Excel data;
- Pasting screen shots;
- Printing our files;
- Using tables in JobPaper files; and
- Checking your version of Excel.
- Zooming in or out
Calculations/About Using Excel
Rental Properties
There are 2 new items with ATO information in the Library module providing quick answers to common questions about rental property deductions.
Capital Allowances vs Capital Works 2024
Browse through the long list of assets in Table 3 of the ATO’s 2024 rental property guide to determine if you should claim depreciation or a capital works deduction. For depreciable items you can also see their effective life.
Library/Rental Properties/Capital Allowances vs Capital Works 2024
Repair or Capital 2024
View the ATOs quick reference guide covering repairs, maintenance and capital expenditure on rental properties. See common scenarios, likely treatment and an example of the following –
- Repairs
- Maintenance
- Depreciation
- Second hand depreciating assets
- Improvements
- Initial repairs
Library/Rental Properties/Repair or Capital 2024
Practice Reminders
Annual PAYG Instalment Notice
Pay annual PAYG instalment notice (Form N). Lodge only if you vary the instalment amount or use the rate method to calculate the instalment.
Activity Statements
Lodge and pay quarter 1, 2024–25 PAYG instalment activity statement for head companies of consolidated groups.
Lodge and pay September 2024 monthly business activity statement.
Activity Statements
Lodge and pay quarter 1, 2024–25 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 1, 2024–25 instalment notice (form R, S, or T). Lodge the notice only if you vary the instalment amount.
Lodge and pay annual activity statement for TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries during the 2023–24 income year.
Superannuation Guarantee
Make super guarantee contributions for quarter 1, 2024–25 to funds by this date.
Note: Employers who do not pay minimum super contributions for quarter 1 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 November 2024.
New Clients
Final date to add new clients to your client list to ensure their 2024 tax return is covered by the lodgment program.
Note: The lodgment program is a concession to registered agents. We can ask for documents to be lodged earlier than the lodgment program due dates.
Income Tax Returns – Prior Year Return(s) Outstanding as at 30 June
Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June 2024.
Note:
- This means all prior year returns must be lodged, not just the immediate prior year.
- If all outstanding prior year returns have been lodged by 31 October 2024, the lodgment program due dates will apply to the 2024 tax return.
- SMSFs in this category must lodge their complete Self-managed superannuation fund annual return by this date.
SMSF Annual Returns – New Funds
Income Tax Returns – Prosecuted for Non-lodgment of Prior Return(s) and Advised to Lodge by 31 October
Lodge tax return for all entities prosecuted for non-lodgment of prior year returns and advised of a lodgment due date of 31 October 2024:
- Some prosecuted clients may have a different lodgment due date – refer to the letter you received for the applicable due date.
- Payment (if required) for individuals and trusts in this category is due as advised in their notice of assessment.
- Payment (if required) for companies and super funds in this category is due on 1 December 2024.
- SMSFs in this category must lodge their complete Self-managed superannuation fund annual return by this date.
Annual Investment Income Report
Departing Australia Superannuation Payments Annual Report
Lodge Departing Australia superannuation payments (DASP) annual report.
Franking Account Tax Return
Lodge Franking account tax return when both the:
- return is a disclosure only (no amount payable)
- taxpayer is a 30 June balancer.
PAYG Withholding Annual Report No ABN Withholding
PAYG Withholding From Interest, Dividend and Royalty Payments Paid to Non-residents
Lodge PAYG withholding from interest, dividend and royalty payments paid to non-residents – annual report (NAT 7187). This report advises amounts withheld from payments to foreign residents for:
- interest and unfranked dividend payments that are not reported on an Annual investment income report (AIIR)
- royalty payments.
PAYG Withholding Annual Report – Payments to Foreign Residents
Lodge PAYG withholding annual report – payments to foreign residents (NAT 12413). This report advises amounts withheld from payments to foreign residents for:
- entertainment and sports activities
- construction and related activities
- arranging casino gaming junket activities.
Lost Members Report
Lodge lost members report for the period 1 January – 30 June 2024.
TFN Report for Closely Held Trusts
Lodge TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries in quarter 1, 2024–25.
Not-For-Profit
Activity Statements
Lodge and pay October 2024 monthly business activity statement.
Activity Statements
Lodge and pay quarter 1, 2024–25 activity statement if you lodge electronically.
Superannuation Guarantee
Lodge and pay quarter 1, 2024–25 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.
Note: Employers lodging a Superannuation guarantee charge statement can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
Pay Income Tax
Pay income tax for taxable large and medium taxpayers, companies and super funds. Lodgment of return is due 31 January 2025.
Pay income tax for the taxable head company of a consolidated group with a member deemed to be a large or medium taxpayer in the latest year lodged. Lodgment of return is due 31 January 2025.
Pay income tax for companies and super funds when lodgment of the tax return was due 31 October 2024.
Activity Statements
Lodge and pay November 2024 monthly business activity statement.
News
Lookup
- ATO Forms & Instructions
- ATO TV
- Budget 2024-25
- COVID-19 Support – Quick Tax Guide
- Effective Life of Depreciating Assets
- GST Guidelines by Industry
- Legal Database
- Lodgment Program
- Objection Time Limits
- Occupation Guides
- Tax Agent Phone Services (fast key code)
- Tax Changes For 2024
- Tax Professionals Conversation Webcasts
- Tax Professionals Newsroom
- Tax Publications
- Tax Time 2024
2024 Resident Individual Tax Rates
Taxable Income | Tax + Rate on Margin |
---|---|
$0 – $18,200 | NIL + NIL |
$18,201 – $45,000 | NIL + 19% |
$45,001 – $120,000 | $5,092 + 32.5% |
$120,001- $180,000 | $29,467 + 37% |
$180,001 and over | $51,667 + 45% |
Plus Medicare Levy of 2% subject to thresholds |
2024 Resident Individual Average Tax Rates
Taxable Income | Tax | Average |
---|---|---|
$50,000 | $6,717 | 13.43% |
$100,000 | $22,967 | 22.97% |
$150,000 | $40,567 | 27.04% |
$200,000 | $60,667 | 30.33% |
$300,000 | $105,667 | 35.22% |
Plus Medicare Levy of 2% subject to thresholds |
2024 Work Deductions
Motor Vehicle Cents Per Km | 85 cents |
Home Office – Fixed Rate Method | 67c/hour |
Overtime Meals Per Meal | $35.65 |
Home Laundry – Work Clothes | $1/load |
Home Laundry – Mixed Load | 50c/load |
Superannuation Contribution Caps
Year | Concessional | Non-Concess |
---|---|---|
2025 | $30,000 | $120,000 |
2024 | $27,500 | $110,000 |
Subject to notes 4 & 7 under Rates |
Other 2024 Rates
CGT Improvements | $174,465 |
Car Depreciation Limit | $68,108 |
FBT Rate (from 2021 to 2025) | 47% |
Division 7A Interest | 8.27% |
Superannuation Guarantee | 11.00% |
2025 Rates
CGT Improvements | $182,665 |
Car Depreciation Limit | $69,674 |
FBT Rate (from 2021 to 2025) | 47% |
Division 7A Interest | 8.77% |
Superannuation Guarantee | 11.50% |