April Newsletter 2024

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April Newsletter 2024

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 20 March 2024.

Revised stage 3 tax cuts now law – The new rates will apply from 1 July 2024, so it’s a good time to understand how these changes will affect you.

Refresher on deductibility of self-education expenses Generally, work-related self-education expenses are tax-deductible if they enhance skills and knowledge, or lead to an income increase, related to your current income-producing work.

ATO scrutinising novated leases – The ATO will once again be running a data matching program on novated leases, covering the 2023–2024 to 2025–2026 income years.

Paying super on expanded government paid parental leave – The Treasurer has announced that the Federal Government will pay superannuation on paid parental leave from 1 July 2025.

Small Business Superannuation Clearing House and SMSF bank account validation – To safeguard retirement savings held in SMSFs from fraud and misconduct, the ATO is rolling out new security features and alerts.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours Sincerely the Team at Rittwatchman & Associates

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