All of the latest tax news, views and clues for March 2024.
This Alert addresses:
- Are you receiving personal services income? – PSI considerations generally apply for individuals who receive more than 50% of their ordinary or statutory income from a contract as a reward for their personal effort or skills.
- How much does negative gearing really cost? – Since the announced changes to the Stage 3 tax cuts to give lower income earners more benefits, the chorus of voices advocating for changes to other aspects of the tax system, such as negative gearing, has grown steadily stronger.
- Estate planning considerations – Many issues that affect the distribution of assets to beneficiaries need to be considered before an individual dies.
- FBT electric vehicle home charging rate – With the rise in businesses purchasing EVs for the use of their employees, the ATO has finalised its guidelines for calculating the cost of electricity for FBT purposes when an EV is charged at home.
- Superannuation: pension transfer balance cap 2024–2025 – The general cap is expected to remain at $1.9 million for the 2023–2024 and 2024–2025 income years.
- Australia’s love affair with SMSFs continues – According to the ATO, the number of self managed super funds in Australia continues to grow.