The changes to income tax rates from July one make this year’s deadline more important than ever.
will reduce the amount of tax all workers pay in the next financial year. To use this change to maximum advantage, the message this tax time is to bring deductions forward to lower assessable income this financial year and push income into the following financial year when
Mark Chapman from H&R Block says the stage three tax cuts bring an added dimension to tax time this year.For business owners, deferring receipts and not invoicing for goods or services until after July 1 can push income into the next financial year, while Chapman suggests employees who receive an EOFY bonus payment could consider requesting they be paid in July instead of June.
“With an immediate tax deduction for the contributed amount, donors can carry forward any unused portion for up to five years if they’ve overestimated their tax liability,” she says. “Additionally, instead of committing to a single charity upfront, donors can gradually distribute the funds to eligible charities later, giving them ample time to make thoughtful giving decisions.”
Thomson says that a failure to declare all income – such as that earned from side hustles, multiple jobs if taxpayers changed roles during the year, renting out a holiday house or other investment income – is another of the ATO’s focus areas.represents another ATO focus area for the 2023-24 financial year.
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