All of the latest tax news, views and clues for September 2024.
This Alert addresses:
- Claiming the tax-free threshold – An overview of the rules for Australian residents.
- Withholding for foreign residents – Does your business make payments of interest, dividends or royalties to any foreign residents? It may be required to withhold tax.
- Small business restructure roll-over: tax relief for genuine business restructures – A structured path is available for businesses to reorganise operations, allowing them to better meet financial challenges without prejudicing creditors or engaging in unethical practices.
- Super guarantee a focus area for ATO business debt collection – The ATO offers a timely reminder for businesses to ensure they’re meeting their SG obligations.
- New “bring-forward” contribution thresholds for 2024–2025 – The increased annual cap on non-concessional super contributions is great news for those who want to maximise their retirement savings.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Tax Alert. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. Articles in Tax Alert are not to be republished or reproduced for further distribution without requesting permission from HLB Mann Judd.