To assist with “cost of living relief”, the government has proposed amendments to the Stage 3 tax cuts.

These changes are yet to be passed in the Senate.

From 1 July 2024, the revised Stage 3 tax cuts 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 threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
• increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.

There will be no change to the current tax-free threshold of $18,200.

The government has announced that from 1 July 2025, deductions will be denied for ATO interest charges, specifically the General Interest Charge (GIC) and Shortfall Interest Charge (SIC), where incurred in income years starting on or after 1 July 2025.

The Commissioner will continue to have the ability to consider individual circumstances and remit these charges where appropriate.

Harris Black clients would have received a letter extending the opportunity to join our Audit Shield Service. Despite our diligent efforts to ensure the accuracy of your financial accounts and tax returns, we cannot prevent government authorities from commencing a review or audit.

The Audit Shield service has offered efficient financial safeguarding to our clients who have faced audits, inquiries, investigations, or reviews from the Australian Taxation Office or other government revenue agencies regarding filed returns. While we serve as your registered tax agent, you have the option to participate in this service.

To understand more about the Audit Shield Services or to opt in, please contact your Harris Black team member.

28 February 2024

• Lodge tax return for non-taxable large and medium entities as per the latest year lodged (except individuals).
• Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.

21 March 2024

• Lodge and pay February 2024 monthly business activity statement.

31 March 2024

• Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large and medium taxpayers), unless the return was due earlier.