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End of Financial Year - 2024

In this edition, we highlight key considerations for the end of the financial year. 

Instant asset write off - $20,000 
On 14 May 2024, as part of the 2024–25 Budget, the government announced it will continue to improve cash flow and reduce compliance costs for small businesses by extending the $20,000 instant asset write-off by a further 12 months until 30 June 2025.


Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2025.

The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.


Please note that this measure is not yet law. 

Personal deductible superannuation contributions
Personal super contributions are the amounts you contribute to your super fund from your after-tax income (that is, from your personal savings). Please note that you may be able to claim a tax deduction for these contributions if you meet certain eligibility rules. 

In most instances, the concessional contribution cap is $27,500 for the year ended 30 June 2024 and this includes any compulsory super contributions your employer makes on your behalf.

Please contact us if you want to understand the tax benefits of claiming a deduction for a personal superannuation contribution. 

Pension payments
Certain superannuation pensions and annuities are subject to rules that determine minimum and maximum benefits to be paid in a financial year. 

Please make sure that you have met your minimum pension requirements before 30 June 2024. The minimum percentage rates can be found at the following link.

Please contact us immediately if you believe you have not met your minimum pension requirements. 

Increase in super guarantee charge from 1 July 2024
If your business has employees, or hires eligible contractors, you'll need to ensure your payroll and accounting systems are updated to reflect the new super guarantee (SG) rate of 11.5% from 1 July 2024. 

Payroll - end of year finalisation through STP 
The end of year payroll finalisation declaration must be submitted to the ATO for each employee by 14 July 2024. Please ensure the payroll has been reconciled before the declaration is made to the ATO. 

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

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