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Simplified Update on ATO Debts, Payroll Tax, and Superannuation Caps

ATO Debts

 

 

This is an interesting topic. It’s about getting rid of bills. Paying your tax bill on time helps you avoid the ATO’s general interest charge (GIC), which is currently 11.34% and accrues daily for some overdue amounts.

Having trouble paying?
You might qualify for an ATO payment plan. Call us at 03 9682 7011 to discuss your options.


Important Dates to Remember

  • 30th June 2024 – End of the financial year
  • 1st July 2024 – Superannuation Guarantee rises to 11.5%
  • 31st October 2024 – Tax return deadline (if last year’s return was late)

State Budget Announcements

Payroll Tax in Victoria

  • Payroll tax threshold increases:

    • 1st July 2024 – Increases to $900,000
    • 1st July 2025 – Increases to $1,000,000
  • Businesses with wages over $5 million won’t benefit from the tax-free threshold.

Note: Payroll tax thresholds vary across Australian states. For tailored advice, reach out to a property tax accountant in Melbourne.


Stamp Duty Changes for Commercial Properties
From 1st July 2024, commercial and industrial properties will transition to an annual property tax system when sold.

  • Annual tax: 1% of the unimproved land value
  • Starts: 10 years after the transaction

A property tax accountant in Melbourne can help you understand how this affects your property.


Federal Budget Announcements

Superannuation Caps – What You Need to Know

The government caps how much you can add to your super each year before extra tax applies. Here’s a quick rundown:

  • Concessional contributions (before-tax): These are taxed at 15% (or 30% if your income + contributions exceed $250,000).

    • Includes employer contributions, salary sacrifice, and deductible contributions.
  • Non-concessional contributions (after-tax): These come from your post-tax income and include personal or spouse contributions.

Current Super Caps (2023-2024)

Contribution TypeAnnual CapTax Rate
Concessional$27,500 + carry-forward amounts15% or 30% for high earners
Non-Concessional$110,000 or up to $330,000 under bring-forward rulesNormal income tax rates apply

Superannuation Updates for 2024-2025

Starting 1st July 2024, the super caps will increase:

Contribution Type2023-2024 Cap2024-2025 Cap
Concessional$27,500$30,000
Non-Concessional$110,000$120,000
Bring-Forward Cap$330,000 over 3 years$360,000 over 3 years

Tax Rates and Individual Tax Cuts

From 1st July 2024, the Stage 3 tax cuts will take effect. These changes aim to simplify individual tax brackets. For personalized advice, consult a property tax accountant in Melbourne.


Need Help?

Whether it’s managing payroll tax, super contributions, or ATO payments, a property tax accountant in Melbourne can simplify the process and ensure you maximize your savings. Call us today at 03 9682 7011 for expert advice! Besides, I hope you found it helpful.