Services
Services we offer:
- Business Structures
- Bookkeeping Services
- Corporate Secretarial Services
- Formation of Companies and Trusts
- Income Tax Returns
- Individuals (including Rental Properties; Managed Funds; Capital Gains Tax Calculations)
- Partnerships
- Companies
- Trusts
- Preparation of Financial Statements
- Preparation and Lodgement of Business Activity Statements
- Taxation Advice
Information
Links
Institute for Public Accountants https://www.publicaccountants.org.au/
Australian Taxation Office https://www.ato.gov.au/Business/
Abn Look up http://abr.business.gov.au/
HECS-Help Debt http://atotaxcalculator.com.au/help-debt
TFN declaration forms https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/TFN-declaration-form.pdf
Fair Work Ombudsman
-Information Statements https://www.fairwork.gov.au/employee-entitlements/national-employment-standards/fair-work-information-statement
Company Tax Rates
| Income year | Aggregated turnover threshold | Tax rate for base rate entities under the threshold | Tax rate for all other companies |
| 2017–18 | $25m | 27.5% | 30.0% |
| 2018–19 to 2019–20 | $50m | 27.5% | 30.0% |
| 2020–21 | $50m | 26.0% | 30.0% |
| 2021–22 and future years | $50m | 25.0% | 30.0% |
personal Tax Rates
TAX RATES 2024-2025
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 16 cents for each $1 over $18,200 |
| $45,001 – $135,000 | $4,288 plus 30 cents for each $1 over $45,000 |
| $135,001 – $190,000 | $31,288 plus 37 cents for each $1 over $135,000 |
| $190,001 and over | $51,638 plus 45 cents for each $1 over $190,000 |
The above rates do not include the Medicare levy of 2%.
TAX RATES 2021-2024
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 19 cents for each $1 over $18,200 |
| $45,001 – $120,000 | $5,092 plus 32.5 cents for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45 cents for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
CAR EXPENSES
2025 KILOMETER RATE – 88 Cents per KM.
2024 KILOMETER RATE – 84 Cents per KM.
2023 KILOMETER RATE – 78 Cents per KM.
2020-2022 KILOMETER RATE – 72 Cents per KM.
CAR DEPRECIATION COST LIMIT 2020-2021
The 2020-2021 motor vehicle depreciation cost limit is $59,136. Effective life of cars increased from 6 2/3 years to 8 years for cars acquired on or after 1 July 2002.
For 2022 the cost limit will be $60,733.
FRINGE BENEFITS TAX
FBT RATE AND GROSS-UP FORMULA
1 April 2024 is 47%
| Fringe benefit type | FBT gross-up rate |
|---|---|
| Type 1 – input tax credit available | 2.0802 |
| Type 2 – all other cases | 1.8868 |
FBT – BENCHMARK INTEREST RATES
The statutory benchmark interest rates fro relevant FBT years are 4.8% (2021 to 31/03/2022) , 4.52% (31/03/2023), 7.77% (31/03/2024) and 8.77% (31/03/2025).
MYOB Hints
- Instructions for Prep PAYG Payment Summaires 30-06-16 – Account Right V2016.2
- Instructions for completing a Cash Basis Business Activity Statement – MYOB v18
- Instructions for uploading full MYOB .myo files, zipped files from USB memory stick/CD
- Instructions for changing SGC from 9.25% to 9.50% – MYOB
- Instructions for Prep of Group Certificates 30/06/14 – MYOB v19.9
- Instructions for Monthly Wages – MYOB v19.7
- Instructions for Completing Monthly IAS – MYOB 2014
About
About Eagle Tax & Accounting:
Nola Luyten is the owner operator of Eagle Tax and Accounting and brings many years of practical experience to the practice. She holds a Masters in Commerce (Professional Accounting) and over the years has focused on small business accounting. MYOB is the small business software of choice for the practice with Nola and Sara having extensive experience in many versions of this software.
We are able to assist clients with their Small Business Taxation needs from Business structures, Business activity Statements, Cash Flows, Tax Returns to more complex issues with FBT, CGT and other Tax Planning issues.
Clients are kept up to date with Monthly newsletters, and helpful hints and information on our website.
However, we can also help you with your everyday Individual Income Tax Return if that is what you need.
Please feel free to give us a call to discuss what we can do for you.