Tax Time 2023 - 2024

The 30 June 2024 is the end of the Australian financial tax year. In 2016 the laws changed on Norfolk Island as new Australian Taxation Legislation was introduced to our Norfolk Island Community. Residence on Norfolk Island are now required to file an ATO tax return since the introduction of the Australian taxation systems.

It is always a challenge to remember where to enter the details on the tax return forms. There are online guides to assist if the system is difficult to access or you need any assistance. Plus, you can used professional tax or accountant services.

Tax Time 2024

Key changes this tax time, what you can do to prepare, things to consider before lodging and helpful resources. Check out the ATO Government Website.

Tax return for individuals 2024 | Australian Taxation Office (ato.gov.au)

What’s new this year? 2024

This following link has additional information regarding changes for this year’s Tax return. Take the time to review the information and seek professional advice if you need help.

Tax Time 2024 | Australian Taxation Office (ato.gov.au)

Key changes this tax time, what you can do to prepare, things to consider before lodging, and helpful resources.

Key Changes for Individuals:

• Cents per kilometre rate change
• Medicare levy surcharge thresholds
• Trust income schedule
• Effective life determination for depreciating assets
• Self-education deductions
• Individuals in business

Key Changes for Business:

• Small business energy incentive
• Small business – $20,000 instant asset write-off
• Thin capitalisation
• Trust income schedule
• Off-market share buy-backs and selective share cancellations
• Franked distributions funded by capital raisings
• Offshore banking unit regime
• AASB 17 accounting standard
• New items in the Company tax return 2024
• Removed items in the Company tax return 2024

During the lead up to the Australian end of the financial year, there have been news items with advice to be aware of what you can and can not claim, this next link is an extract from a

ABC News item. Follow the link to read more details.

Millions of Australians warned not to 'double dip' on work-from-home claims for tax time 2024 - ABC News

Australians are being warned this tax time not to double dip on working-from-home claims, make sure they have detailed records of expenses and not to lodge their tax returns too early.

• Last financial year, almost 9 million Australians claimed about $24.5 billion worth of work-related expenses (as of March 31), many relating to working from home.
• The average claim made by taxpayers was about $3,000.
• Assistant Commissioner Rob Thomson says more than 5 million Australians claimed working-from-home expenses last financial year, but some mixed up the methods they used to make claims that essentially resorted to double dipping.

'Don't lodge too early', wait for the ATO to pre-fill your tax return’

Mr Thomson says other common errors arise because people lodge too early.

"We're just encouraging people to wait to lodge their tax return until the end of July," he says.

It can be helpful to check out the ATO pages and remind yourself of the information which will be required. Each year there can be changes, so remember to read and seek advice if needed. Many Income Statements will be available online via myGov.

All the best with your annual financial end of year ATO Tax returns, I hope I can remember all the steps, to follow,

Betty Matthews

28 June 2024