February Newsletter 2024

tax news | views | clues

February 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 25 January 2024.

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 – As in previous years, the greatest area of concern for the ATO in the area of SMSFs continues to be taxpayers illegally accessing their super before meeting a condition of release.

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

Yours sincerely

RittWatchman & Associates

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