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.

Plan Ahead with Confidence

  • 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.

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