As the crisp air of winter descends upon Mackay and June 30 looms large, a familiar rhythm stirs for financially savvy households and enterprises alike. This isn’t just a date. It marks the finale of a fiscal year — a time to reflect, recalibrate, and position ourselves for the financial year ahead. The Australian Taxation Office (ATO) is ready. The question is, are you?
For Our Local Businesses
For the enterprising minds of Mackay, sharpening the books now can reap generous rewards. Chief among them is the enduring appeal of the Instant Asset Write-Off. Eligible small businesses — those with a turnover of less than $10 million — can instantly deduct the cost of assets under $20,000 per asset, provided they are in use by 30 June 2025. It is a timely nudge to upgrade, innovate and reduce taxable income in one go.
It is also essential to ensure that all superannuation guarantee contributions reach employees’ funds before the end of the financial year, not only to stay compliant but also to secure deductions. Prepaying allowable expenses, such as subscriptions or insurance premiums covering less than 12 months, can tip the tax scales in your favour. For those dealing with discretionary trusts, resolving income distributions before 30 June helps avoid the ATO’s less forgiving default tax treatment.
For Our Residents
For individuals, the new financial year brings something refreshingly rare, tax cuts. From 1 July 2024, the 19 per cent bracket shrinks to 16 per cent, while the 32.5 per cent bracket becomes a clean 30 per cent. Expanded thresholds also mean more of your income stays where it belongs: in your pocket.
Beyond these structural wins, personal deductions deserve attention. Working from home may allow you to claim 70 cents per hour under the fixed rate method, or you can itemise actual costs for greater accuracy. Vehicle use, professional development and even uniform laundry costs may be legitimate deductions. And for those thinking long term, contributing to superannuation up to the concessional cap of $30,000 for 2024–25 can be a powerful tax-deductible strategy, provided you lodge a valid notice of intent with your fund.
If COVID taught us anything, it is the value of national self-sufficiency, and that includes financial literacy. Whether you are running a business or managing a household budget, now is the time to gather your records, review your strategies and consult a trusted tax adviser.
Because in the world of tax, timing is not just everything. It is the deductible difference between “good enough” and “well played.”
Publishers Indemnity. Any individual or entity that places advertising, supplies copy material, or submits editorial content to Core Life Publishing agrees and undertakes to ensure that all such material:- Does not infringe upon any copyright, trademark, or other intellectual property rights;- Is free from any content that could be considered defamatory, libelous, or slanderous;- Does not infringe upon any rights related to privacy or breach of confidence;- Contains no obscene, indecent, or otherwise unlawful material;- Complies fully with the Trade Practices Act and all other applicable laws, regulations, or statutes.Furthermore, by submitting or placing such material, these individuals or entities agree to indemnify and hold harmless the publisher, Core Publishing and Events Pty Ltd, and/or its agents from and against any and all investigations, claims, demands, liabilities, damages, costs, or judgments arising out of or in connection with the material provided. All material is believed to be accurate at the time of printing and remains the copyright of Core Publishing and Events Pty Ltd.
© 2024 Mackay and Whitsunday Life Pty Ltd.
