Obligations for the client and the Tax Practitioner
To support you and the public make the right decisions about tax practitioners the TPB maintains a register, which provides information about higher risk cases and investigations and sanctions to search the register see https://www.tpb.gov.au/help-using-tpb-register
If at any stage you have a compliant about our tax agent services that we cannot rectify, below is a link about the complaint process to the Tax Practitioners Board (TPB) including obligations for yourself as the client and I/we as the tax practitioner. https://myprofile.tpb.gov.au/complaints/
Your obligations to the ATO, and your Tax Practitioners obligations to you, the TPB and the ATO can be found at the following website, which provides an Information sheet.
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 2024-2025
The 2024-2025 motor vehicle depreciation cost limit is $69,674. Effective life of cars increased from 6 2/3 years to 8 years for cars acquired on or after 1 July 2002.
For 2025 the cost limit will be $69,674.
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