June 2024 Newsletter
Contents:
- 2024-25 Federal Budget – Businesses | Individuals | Superannuation
- Stamp Duty Out, Annual Tax In for Commercial & Industrial Property
- NFPs urged to update associates, contacts ahead of new reporting
- Providing a life interest or life estate to the surviving spouse
- Super rates and thresholds are increasing
- Key tax considerations for business and individuals in 2024
- Announcements
2024-25 Federal Budget – Businesses | Individuals | Superannuation
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024.
The full Budget papers are available at www.budget.gov.au.
The following provides the key points in relation to business, individuals and superannuation
Stamp Duty Out, Annual Tax In for Commercial & Industrial Property
Victoria is preparing to phase out stamp duty on commercial and industrial property and replace it with an annual tax.
The Commercial and Industrial Property Tax Reform Bill has now passed both houses of the Parliament and will become law on 1 July 2024.
The legislation creates a new annual property tax that will replace stamp duty (which, by the way, is now called land transfer duty – because documents aren’t “stamped” with duty anymore) on commercial and industrial property acquisitions.
NFPs urged to update associates, contacts ahead of new reporting
Non-charitable not-for-profit organisations must update any new associates and authorised contacts ahead of lodging their first self-review return, says the ATO.
The ATO has reminded non-charitable NFPs with an active ABN of the importance of updating any new associates and authorised contacts appointed to the NFP.
The Tax Office said this is a critical first step for NFPs in preparing for the lodgement of their self-review return due by 31 October.
Providing a life interest or life estate to the surviving spouse
Of all the strategies to protect the children’s inheritance this is probably the most common. Note that although for ease of reference we refer to ‘life estate’ that may not be completely accurate as often the interest ceases if the surviving spouse re-marries.
Key tax considerations for business and individuals in 2024
Announcements:
This month we have no birthdays to announce! |
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Important ATO Dates
| Lodgement Program | Date |
| May monthly activity statements | 21/06/2024 |
| End of financial year – Employers start preparing STP Finalisation Report | 30/06/2024 |
Other News
Rupanyup Office Hours
We have noticed a significant decline in both foot traffic and calls to the Rupanyup Office on a Friday over the last 6 months, as a result we have closed the Rupanyup Office on a Friday. This will be re-accessed in the new financial year.
Tuesday and Thursday hours remain unchanged and we’re always available via email or phone on 5382 3001 to answer any questions you may have.
Regional Tourism Investment Fund 2024
The Victorian Government is offering grants through the Regional Tourism Investment Fund (RTIF) to support tourism businesses in regional Victoria. The RTIF offers funding from $100,000 up to $5 million for projects that will increase tourism, create jobs and attract private investment.
There are three funding streams available:
- Small-scale projects ($100,000 to $1 million) for things like cellar door improvements, wildlife sanctuary expansions, and developing new accommodation options.
- Large-scale projects ($1 million to $5 million) for projects like expanding restaurant seating, redeveloping wildlife sanctuaries, building new museums or galleries, and constructing new accommodation offerings.
- Accommodation uplift ($500,000 to $2 million) for renovating existing accommodation to improve the visitor experience. This could include upgrading motels, improving amenities at campgrounds, or making accessibility upgrades.
The amount of co-funding required from the applicant depends on the applicant type and project location.
Applications close on July 19th, 2024.
Employment Opportunity
Wimmera Farm Benchmarks
We’re in the process of finalising our 2023 Wimmera Farm Benchmark report, a valuable resource that provides insights into key performance indicators (KPIs) for farms in our region. We’d love to include your insights! The datasheet takes about 10 minutes to complete and covers topics relevant to your farming operation. Your participation is entirely voluntary, and all responses will be kept confidential. By participating, you’ll be helping to create a valuable benchmark for Wimmera farms and gain insights from your peers. To participate please contact our office on 5382 3001 or email mail@wattsprice.com.au.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 |