Changes to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will: For more information see Tax cuts to help with the cost of…
Read more
Check fuel tax credit rates from 1 July 2021 to 30 June 2022. Fuel tax credit rates The following tables contain the fuel tax credit rates for businesses from 1 July 2021 to 30 June 2022. The fuel tax credit calculator includes the latest rates and is simple, quick and easy to use. You can use it to…
Read more
How capital gains tax (CGT) works, and how you report and pay tax on capital gains when you sell assets. Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and crypto assets. Although it is referred to as ‘capital gains tax’, it’s part of your…
Read more
Find your tax file number online with ATO online services. Tell the ATO as soon as possible if your TFN is stolen or misused. Find your TFN online You will need your tax file number (TFN) when: If you already have a TFN and don’t remember the number, you can find it online in ATO online…
Read more
If you’re new to Australia’s superannuation system for retirement saving, find out how it works and how to benefit. Super is an Investment in Your Future Australia’s superannuation system is the main way most people save for their retirement. Superannuation (super for short) is a long-term investment that grows over time. The more you contribute…
Read more
How to get help if your business or not for profit can’t pay tax or super on time. When can you access help? If your business is having financial difficulties and can’t pay tax or super on time, support is available. Financial difficulties can occur from many situations, including: Support for your situation Depending on…
Read more
Australian residents are subject to income tax from their domestic and foreign income. There may be exceptions for temporary residents and temporary residents who earn foreign income. Non-residents are liable for Australian income tax on their assessable income derived from Australian sources. Understanding Income Tax When an individual earns money, they have to pay income…
Read more
Find out why you need a TFN, where to find it and how to keep your TFN and personal details safe. About your TFN A tax file number (TFN) is your personal reference number in the tax and superannuation systems. It is free to apply for a TFN. Your TFN is: Where to find your TFN If you…
Read more
Tax, super and registration obligations you need to consider before you start a business. Are you in business? Before you register for an Australian business number (ABN), it is important you determine if you are in business and when your business starts. Knowing if you’re in business helps you know what records you need to keep, and…
Read more
Find out about deductions and tax implications if you own a holiday home. Holiday Home – Not Rented Out If you own a holiday home and don’t rent out the property, you don’t include anything in your tax return until you sell it. When you sell the property, you will need to calculate your capital gain…
Read more
