Member Updates
Scroll down to see details of the following recent updates. For details about all site updates go to Main Menu/Site Updates.
- Dividend Calculations 2024
- Professionals Profit
- Excel Help
Dividend Calculations 2024
Updated – User Request
New columns have been added to this calculation to enable identification of franking credits that are not claimable under the holding period rule. You have the option of showing or hiding these new columns. Also enter franking credits received through partnerships and trusts to compare the client’s total franking credits with the small shareholder exemption threshold. Data entry has been streamlined to assume that all dividends qualify for the exemption and simply enter holding dates for the exception(s) to the rule.
Note: this calculator is not compatible with Excel versions 2021 and prior.
Calculations/2024/Dividend Calculations
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
Library/Rental Properties/Repair or Capital 2024
Practice Reminders
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.
Activity Statements
Lodge and pay quarter 2, 2024–25 PAYG instalment activity statement for head companies of consolidated groups.
Lodge and pay December 2024 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
Super Guarantee
Make quarter 2, 2024–25 super guarantee contributions to funds by this date.
Note: Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 February 2025.
TFN Report
Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2024–25.
Income Tax Returns
Lodge tax return for taxable large and medium entities as per the latest year lodged (all entities other than individuals), unless required earlier.
Payment for large and medium entities with a 31 January due date is:
- 1 December 2024 for companies and super funds
- for trusts, as stated on their notice of assessment.
Note: You cannot assume a later date for lodgment on the basis that the taxpayer will be non-taxable in the current year. If you request a lodgment deferral, it will be escalated for manual assessment as an ATO assessed deferral.
Lodge tax return for the taxable head company of a consolidated group (including a new registrant) that has a member who has been deemed a large or medium entity in the latest year lodged, unless the return was required earlier. Payment was due 1 December 2024.
Activity Statements
Lodge and pay December 2024 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
Lodge and pay January 2025 monthly business activity statement.
Income Tax Returns
Lodge tax return for non-taxable large and medium entities as per the latest year lodged (except individuals).
Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.
Lodge tax returns for new registrant (taxable and non-taxable) large or medium entities (except individuals).
Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.
Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large or medium entity in the latest year lodged.
Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.
Lodge tax return for large or medium new registrant (non-taxable) head company of a consolidated group.
Lodge and pay Self-managed superannuation fund annual return for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31 October 2024 due date at finalisation of a review of the SMSF at registration.
Note: There are special arrangements for newly registered SMSFs that do not have to lodge a return – see Super lodgment.
Activity Statements
Lodge and pay quarter 2, 2024–25 activity statement for all lodgment methods.
Pay quarter 2, 2024–25 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.
Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgment obligation.
Note: If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.
Super Guarantee
Lodge and pay quarter 2, 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.
Activity Statements
Lodge and pay February 2025 monthly business activity statement.
Income Tax Returns
Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large and medium taxpayers), unless the return was due earlier. Payment for companies and super funds in this category is also due by this date.
Lodge tax return for the head company of a consolidated group (excluding large and medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier. Payment for companies in this category is also due by this date.
Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large and medium trusts. Payment for individuals and trusts in this category is due as advised on their notice of assessment.
Activity Statements
Lodge and pay quarter 3, 2024–25 PAYG instalment activity statement for head companies of consolidated groups.
Lodge and pay March 2024 monthly business activity statement.
Activity Statements
Lodge and pay quarter 3, 2024–25 activity statement if electing to receive and lodge by paper and not an active STP reporter.
Pay quarter 3, 2024–25 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
Superannuation Guarantee
Make super guarantee contributions for quarter 3, 2024–25 to the funds by this date.
Note: Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 May 2025.
TFN Report
Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2024–25.
Lost Members Report
Lodge lost members report for the period 1 July 2023 to 31 December 2024.
Income Tax Returns
Lodge 2024 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups) and are not eligible for the 5 June concession.
Due date for companies and super funds to pay if required.
Note: Individuals and trusts in this category pay as advised on their notice of assessment.
Activity Statements
Lodge and pay April 2025 monthly business activity statement.
Fringe Benefits Tax
Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.
Lodge and pay Fringe benefits tax annual return if lodging by paper.
Activity Statements
Lodge and pay eligible quarter 3, 2024–25 activity statements if you or your client have elected to receive and lodge electronically.
PAYG Withholding Variations
Request information for PAYG withholding variation applications for 2026 (letter available in “letters” module)
Super Guarantee
Lodge and pay quarter 3, 2024–25 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.
Note: Employers who lodge 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.
Income Tax Returns
Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2025 provided they also pay any liability due by this date.
Lodge tax return for companies and super funds with a lodgment due date of 15 May 2025 provided both the prior year and current year return will be non-taxable or result in a refund.
Note:
- This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.
- Large and medium taxpayers and head companies of consolidated groups are excluded from this concession.
Activity Statements
Lodge and pay May 2025 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% |