Changes to personal tax rates
Changes to personal tax rates announced by the federal government The federal government has announced an overhaul of the previous Coalition government stage 3 tax cuts and introduced various changes in the personal tax rates that apply from 2024–25 income year and onwards. See Tax cuts to help with the cost of living Changing the original […]
Identifying relevant depreciating assets – ATO’s guidance on composite items
The ATO released draft TR 2023/D2 which provides guidance on whether an asset that is made up of a number of parts or components (composite item) is itself a depreciating asset, or whether one or more of its components are separate depreciating assets. The draft taxation ruling provides the Commissioner’s view on identifying the relevant […]
