All of the latest tax news, views and clues for February 2024.
This Alert addresses:
- Proposed changes to stage 3 tax cuts announced – New proposed tax rates have been flagged to come into place from 1 July 2024.
- ATO areas of focus on businesses for the coming year – The ATO has highlighted three focus areas: taking steps to address cyber security and increased protection of personal data, addressing the growth in the collectable debt book and improving overall tax performance.
- Employees versus contractors: new rules – Following two prominent High Court decisions which dealt with the distinction between employees and independent contractors, the ATO has provided guidance to businesses in the form of a new taxation ruling.
- ATO’s continued focus on illegal early release of super – The Federal Government has announced that the AAT will be abolished and replaced with a new Federal administrative review body.