April 2024 Newsletter

Please click on the following link to view this month's newsletter for April 2024. We would like to highlight the following articles:-

Revised stage 3 tax cuts now law

On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. The revised stage 3 tax cuts are now law.

Please see below an overview of the revised tax cuts:-

reduce the 19 per cent tax rate to 16 per cent (for taxable income between $18,201 and $45,000).
reduce the 32.5 per cent tax rate to 30 per cent (for taxable income between $45,001 and the new $135,000 threshold).
increase the threshold at which the 37 per cent tax rate applies from $120,000 to $135,000.
increase the threshold at which the 45 per cent tax rate applies from $180,000 to $190,000.

Refresher on deductibility of self-education expenses

You can claim a deduction for a self-education expense if, at the time you incur the expense, it has a sufficient connection to earning income from your employment activities.

Self-education has a sufficient connection to earning your employment income if it either:

maintains or improves the specific skills or knowledge you require in your employment activities.
results in, or is likely to result in, an increase in your income from your employment activities.

You cannot deduct self-education expenses if the education is undertaken or designed to obtain new employment, open up a new income earning activity or does not have a sufficient connection your employment activities at that time.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.