03 Sep September 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 26 August 2024.
- Claiming the tax-free threshold: getting it right – If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year.
- Withholding for foreign residents: an ATO focus area – Does your business make payments of interest, dividends or royalties to any foreign residents? You 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 reorganize 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 maximize their retirement savings.
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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