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Leveraging Fringe Benefits: Navigating Work-Related Item Exemptions for Maximum Advantage

The most cost-efficient benefit an employer can give an employee is one that is both deductible for income tax purposes and exempt from Fringe Benefits Tax (FBT).   One such type of benefit is the ‘work-related item’ FBT exemption.   Like all concessions, there are some requirements that must be met to take advantage of it. What […]

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Important Update on Tax Rate and Medicare Levy threshold for 2024-25

The Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 was introduced into Parliament on Wednesday 6 February 2024, bringing changes to existing individual tax rates. Let’s drive into the details: Tax Rate Adjustments for 2024-25 The new legislation proposes adjustments to the tax rates for both resident and non-resident individuals, as well as

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NSW Land Tax

Starting from 1 February 2024, changes are coming into effect concerning the principal place of residence exemption from land tax. If you’re planning to purchase or currently own a property, here’s what you need to know: Key changes From 1 February 2024, anyone who purchases and occupies a property but own less than 25% interest

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Stage 3 tax cut changes announced

The Prime Minister has announced new tax cuts. The following are changes to the Stage 3 tax cuts: Therefore, following these announcements and assuming amending legislation is passed, the Australian resident personal income tax rates from 1 July 2024 will be: Resident individuals Up to $18,200 Nil $18,201 to $45,000 16% on part over $18,200 $45,001

Stage 3 tax cut changes announced Read More »

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