Small business instant asset write-off extension
As part of the 2024–25 Budget, the government announced in May 2024 it will extend the $20,000 instant asset write-off by a further 12 months until 30 June 2025.
Any assets purchased from 1 July 2024, costing less than $20,000 can be immediately claimed as a deduction.
This measure is not yet law.
Occupation and industry specific tax information
As tax time 2024 is upon us and the new 2025 tax year begins, it’s an opportune time to evaluate if you are claiming as many deductions as possible to reduce your taxable income. Are you keeping all necessary receipts and including all income received for your specific industry.
The Australian Tax office provides guides for up to 40 different occupations from Australian Defence force members, Engineers, Lawyers, Mining site employees, Nurses, Teachers and Truck drivers to name a few.
https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/occupation-and-industry-specific-guides
These guides go through the different income and allowances to be included in your tax returns, deductions for work expenses that you can claim and the record keeping required for these expenses.
Payment of tax bills
If you have lodged your income tax return and have been advised that you have a tax bill, you will need to make payment by the due date on your Notice of Assessment.
Payment Dates for individual and trust income tax returns is:
- Returns due 15th May (the majority of returns)
- Lodged up to 12th February – payment date is 21st March
- Lodged from 13th February to 12 March – payment date is 21st April
- Lodged from 13th March – payment date is 5th June
- Returns with due date other than 15th May
- If lodged on or before due date – payment will be 21 days after notice of assessment received
- If lodged late – any tax is payable 21 days after due date for lodgement
It is crucial if you can’t pay your bill on time, to contact the ATO or your tax agent as soon as possible. The key is to deal with the issue before any penalties or interest are added to your account.
The ATO can set up payment plans, suited to your circumstances, if acted upon quickly.
If you are under serious hardship, the ATO has different support available including Personal Crisis support.
