From 1 July 2025, you can no longer claim a tax deduction for ATO interest charges (GIC and SIC). With GIC currently at 10.65% and rising, carrying a tax debt is now significantly more expensive. Pay debts promptly or consider refinancing through a lender where interest may still be deductible. ato.gov.au
Talk to your accountant!
Lodgement Due Dates
Monthly BAS and IAS – 21st of following month.
Quarterly BAS 4 2024 – (Apr-Jun 2024) 25th Aug 2024
Quarterly BAS 1 2025 – (Jul-Sep 2024) 25th Nov 2024
Quarterly super guarantee payments – 28th day following end of quarter*
The ATO has announced the new “cents per kilometre’ deduction rate for car expenses for the current financial year at Instrument sets the rate at 88 cents per KM.
On 2 May 2023 the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages.
The start date will provide employers, super funds, payroll providers and other parts of the superannuation system with sufficient time to prepare for the change. Even though this measure is not yet law, it’s highly recommended that businesses start paying their super more regularly to prepare for the new requirements.