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Simplified Update on ATO Debts, Payroll Tax, and Superannuation Caps
ATO Debts
This is an interesting topic. It’s about getting rid of bills. Paying your tax bill on time helps you avoid the ATO’s general interest charge (GIC), which is currently 11.34% and accrues daily for some overdue amounts.
Having trouble paying?
You might qualify for an ATO payment plan. Call us at 1 800 672 670 to discuss your options.
Important Dates to Remember
- 30th June 2024 – End of the financial year
- 1st July 2024 – Superannuation Guarantee rises to 11.5%
- 31st October 2024 – Tax return deadline (if last year’s return was late)
State Budget Announcements
Payroll Tax in Victoria
Payroll tax threshold increases:
- 1st July 2024 – Increases to $900,000
- 1st July 2025 – Increases to $1,000,000
Businesses with wages over $5 million won’t benefit from the tax-free threshold.
Note: Payroll tax thresholds vary across Australian states. For tailored advice, reach out to a tax accountant in Melbourne.
Stamp Duty Changes for Commercial Properties
From 1st July 2024, commercial and industrial properties will transition to an annual property tax system when sold.
- Annual tax: 1% of the unimproved land value
- Starts: 10 years after the transaction
A property tax accountant in Melbourne can help you understand how this affects your property.
Federal Budget Announcements
Superannuation Caps – What You Need to Know
The government caps how much you can add to your super each year before extra tax applies. Here’s a quick rundown:
Concessional contributions (before-tax): These are taxed at 15% (or 30% if your income + contributions exceed $250,000).
- Includes employer contributions, salary sacrifice, and deductible contributions.
Non-concessional contributions (after-tax): These come from your post-tax income and include personal or spouse contributions.
Current Super Caps (2023-2024)
| Contribution Type | Annual Cap | Tax Rate |
|---|---|---|
| Concessional | $27,500 + carry-forward amounts | 15% or 30% for high earners |
| Non-Concessional | $110,000 or up to $330,000 under bring-forward rules | Normal income tax rates apply |
Superannuation Updates for 2024-2025
Starting 1st July 2024, the super caps will increase:
| Contribution Type | 2023-2024 Cap | 2024-2025 Cap |
|---|---|---|
| Concessional | $27,500 | $30,000 |
| Non-Concessional | $110,000 | $120,000 |
| Bring-Forward Cap | $330,000 over 3 years | $360,000 over 3 years |
Tax Rates and Individual Tax Cuts
From 1st July 2024, the Stage 3 tax cuts will take effect. These changes aim to simplify individual tax brackets. For personalized advice, consult a property tax accountant in Melbourne.
Need Help?
Whether it’s managing payroll tax, super contributions, or ATO payments, a property tax accountant in Melbourne can simplify the process and ensure you maximize your savings. Call us today at 1 800 672 670 for expert advice! Besides, I hope you found it helpful.