What's new for individuals
From 1 July onwards, individuals will benefit from paying lower taxes and retaining more of their hard-earned money. It is important to note that these changes will not have any impact on the upcoming 2023-24 tax return. Therefore, taxpayers can look forward to enjoying the benefits of these revised tax rates without any immediate effect on their current tax obligations.
Starting from the 2023-24 income year, the rate for claiming work-related car expenses using the cents per kilometre method has been raised to 85c per kilometre.
Starting from July 1, 2022, individuals who utilize electric vehicles for work-related activities can now receive a reimbursement of 4.2 cents per kilometer for their electricity expenses. To be eligible for this claim, it is necessary to use an electric vehicle with zero emissions for generating income, incur electricity costs while charging the vehicle at home, and maintain the appropriate records for the given fiscal year. However, if the exact percentage of home charging cannot be determined, expenses from commercial charging stations cannot be claimed separately.
From the 2024 income year, if you received one or more distributions from trusts, you must report the distributions you receive.
The ATO is currently in the process of revising the way in which we release information regarding effective life determinations. This information is crucial when calculating the depreciation of an asset over time. By utilizing the effective life of a depreciating asset, individuals and businesses can accurately determine the decline in value of their assets. This can be done by either estimating the effective life themselves or by referring to the effective life determinations provided by the Commissioner.
Do you have any questions?
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