August 2024 Newsletter
Contents:
- Victorian Carbon Farming Program
- ATO to Crack Down on Amazon, eBay Sellers’ Tax Affairs
- $1,337 ATO penalty hitting thousands more Aussies
- A rundown of the First Home Super Saver Scheme
- Company charged over death of fatigued driver
- What to do when you inherit shares
- Announcements
Victorian Carbon Farming Program
The $15.3 million Victorian Carbon Farming Program (VCFP) provides an opportunity for private landholders to reduce emissions and build resilience to a changing climate. This program will support private landholders to:
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- plant woodlot, agroforestry and shelterbelt trees
- leverage opportunities available from timber, carbon or environmental markets
- realise on-farm co-benefits such as shade and shelter for stock, soil improvement or improved farm aesthetics
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ATO to Crack Down on Amazon, eBay Sellers’ Tax Affairs
The Australian Taxation Office (ATO) will now receive details of accounts generating over $12,000 annually to identify hobbyists-turned-businesses and those misreporting income. This move aims to enhance the ATO’s understanding of online sellers’ behavior and compliance.
$1,337 ATO penalty hitting thousands more Aussies
Thousands of Aussies are set to be stung by a little-known tax penalty when they lodge their tax returns. The Medicare Levy Surcharge is a penalty that applies if you earn over a certain amount and don’t have private health insurance.
More than half a million Aussies paid the Medicare Levy Surcharge in 2021-22, the latest Australian Taxation Office (ATO) statistics found. That’s up 21 per cent or 110,000 people from the previous year, and up 50 per cent over two years.
A rundown of the First Home Super Saver Scheme
Grandchildren challenging estates is becoming a growth area that shows no signs of slowing down, says a legal professional.Company charged over death of fatigued driver
What to do when you inherit shares
Announcements:
This month we congratulate Jo (13) and Paul (18) on achieving a work anniversary with Watts Price!Important ATO Dates
Lodgement Program | Date |
SGL Increase to 11.5% | 01/07/2024 |
Minimum Wage to increase by 3.75% | 01/07/2024 |
Employers to Lodge their Single Touch Payroll (STP) finalisation report with ATO | 14/07/2024 |
PAYG withholding payment summary annual report | 14/08/2024 |
July monthly activity statements | 21/08/2024 |
Final date for eligible monthly GST reporters to elect to report GST annually. | 21/08/2024 |
Taxable payments annual report (Building & Construction services; Cleaning services; Courier or Road freight; Information Technology; Security, Investigation or Surveillance services) | 28/08/2024 |
Other News
QuickBooks Online Price Changes
All purchases of new subscriptions made on or after 7 August 2024 will be at the new prices in the table below.
For all subscriptions purchased prior to 7 August 2024, the new prices will apply from a customers’ first billing date after 23 October 2024.
Product | New price (from 7 Aug 2024) |
Simple Start | $29.00 |
Essentials | $45.00 |
Plus | $60.00 |
Payroll per employee paid | $6.00 per employee |
Prices are inclusive of GST
All Australian taxpayers will receive a tax cut
The Australian Government has made changes to individual income tax rates and thresholds. This will apply to all taxable income you earn from 1 July 2024. The changes will not impact your 2023–24 tax return. From 1 July this year, these changes will:- reduce the 19 per cent tax rate to 16 per cent
- reduce the 32.5 per cent tax rate to 30 per cent
- increase the 37 per cent tax threshold from $120,000 to $135,000
- increase the 45 per cent tax threshold from $180,000 to $190,000
Thresholds in 2024–25 ($) | Rates in 2024–25 (%) |
0 – 18,200 | Tax free |
18,201 – 45,000 | 16 |
45,001 – 135,000 | 30 |
135,001 – 190,000 | 37 |
Over 190,000 | 45 |