Snapshot Overview: Key Updates for Your Business in 2024-2025
Welcome to Thrive Advice’s essential guide for navigating the new financial year. Here’s a brief look at what you’ll find in our comprehensive update:
Legal Changes You Need to Know
- Closing The Loopholes Act: Major amendments impacting casual employment, right to disconnect, and more.
- Key Dates: Important implementation dates for new regulations.
Financial and Tax Planning Insights
- Super Guarantee Increase: Rising to 11.5% from 1 July 2024.
- Stage 3 Tax Cuts: Significant reductions in tax rates effective 1 July 2024.
Essential EOFY Checklist
- For New Businesses: Steps for GST registration, setting up accounting systems, and organizing records.
- For Existing Businesses: Reviewing financial performance, reconciling accounts, and lodging BAS.
Strategic Year-End Tips
- Trust Management: Strategies for managing trust distributions and understanding tax implications.
- Maximize Deductions: Instant asset write-offs and tips for documenting expenses.
- Superannuation and Contributions: Utilizing carry forward and bring forward rules to optimize your super.
- Future Planning: Developing a budget and strategic initiatives for the new financial year.
Get detailed insights and strategic advice tailored to your business needs.
