September 2024 Newsletter
Contents:
- Taxation – Land Ownership & Transfers
- Your inheritance will likely be a house, what to do with it?
- Right to Disconnect: One giant leap for work/life balance
- Millions of landlords the target of expanded ATO crackdown
- Casual employment changes from 26/08/2024
- What the changes to NALI mean for your SMSF
- Australian businesses ‘not ready’ for privacy law changes
- ‘Quiet vacationing’ and hidden risks
- Announcements
Taxation – Land Ownership & Transfers
It is important to develop an effective tax structure in agribusiness and farming as the tax consequences can be substantial when transferring assets. Consideration needs to be given to stamp duty, income tax and Capital Gains Tax (“CGT”), to ensure the business has the best tax outcome in the day-to-day operations but to also ensure the best outcome when transferring assets down the track. In relation to the transfer of real property, an appropriately structured entity may save thousands on tax on both the acquisition and disposition of the land.
Your inheritance will likely be a house, what to do with it?
Right to Disconnect: One giant leap for work/life balance
After months and months of anticipation, the widely covered Closing Loopholes Act legislation has finally come into effect as of 26 August 2024, beginning a new era for employers and employees across the Australian workplace.
A major change in the Closing Loopholes Act is, of course, the Right to Disconnect, which has dominated the discourse in workplace circles since the announcement of its implementation.
Millions of landlords the target of expanded ATO crackdown
The Tax Office will data match extensive property management records to clamp down on taxpayers misreporting rental income and deductions.
The ATO has launched a crackdown on the tax affairs of millions of landlords, targeting those who falsely claim rental deductions and minimise their capital gains liability by inflating costs.
What the changes to NALI mean for your SMSF
Non-arm’s length income (NALI) rules are back in the spotlight as new changes clarify the treatment of non arm’s length expenses (NALE) for SMSFs.
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 (Act), came into effect on 1 July 2024 and apply retrospectively from 1 July 2018.
Australian businesses ‘not ready’ for privacy law changes
Businesses need to prepare and equip themselves to face the impacts of the changing privacy laws, a customer experience and behavioural expert warns.
Businesses are concerningly unaware of how changes to the new privacy laws would drastically impact their operations, future and viability, according to a consulting and research firm.
‘Quiet vacationing’ and hidden risks
Ian Neil, an industrial relations barrister with over 30 years of legal experience, examined the significant legal risk of quiet vacationing for employers and employees. He also offered insights on how to effectively manage this emerging trend by implementing clear workplace policies.
Announcements:
This month we congratulate Nicole (10) on achieving a work anniversary with Watts Price!|
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Important ATO Dates
| Lodgement Program | Date |
| Taxable payments annual report (Building & Construction services; Cleaning services; Courier or Road freight; Information Technology; Security, Investigation or Surveillance services) | 28/08/2024 |
| August monthly activity statements | 21/09/2024 |
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 |
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 |