Individuals and organisations should consider the key tax planning and compliance issues they need to attend to by 30 June.

BDO’s Year-End Tax Bulletin summarises the key tax measures from the 2024 Federal Budget and important updates from the last financial year. In addition, it outlines ongoing year-end issues and considerations for taxpayers.

Covering a wide range of topics that are relevant to your specific tax planning needs, the bulletin includes:

• Individual tax rate changes for the 2024/25 financial year
• Income tax deductions, including home office expenses and substantiation provisions
• Trust distributions, including changes to three key integrity measures
• Investment and Capital Gains Tax strategies
• Company taxation considerations
• Employment-related changes, specifically to superannuation and engaging independent contractors
• Tax accounting considerations
• Compliance measures – traditional provisions, and others to consider.

For example, there have been changes to the individual income tax rates for the 2024/25 financial year, and if you work from home make sure you comply with the Tax Office’s requirements which cover eligibility to claim and additional running expenses.

There have also been changes to three key integrity measures covering trusts, and for small businesses the capital write off has been reinstated for the year ending 30 June.

Companies also have decisions to make, especially when it comes to dividends. Consider whether your company will pay a dividend, how many franking credits it has, and how those credits will be used.

Employers may need to brush up on changes with superannuation. For example, the Super Guarantee Charge rate for employer super contributions is 11 per cent for the year ending 30 June, but rising to 11.5 per cent from 1 July.

In addition to traditional tax compliance provisions, there are further compliance measures that should be considered like the Taxable Payments Reporting System and penalties for directors.

The bulletin provides an outline to help manage your compulsory tax compliance and year-end tax liabilities, but please note this is not comprehensive. Before acting on the information provided, you should consider your individual circumstances and consult your tax adviser.

Download your free copy of the bulletin here.