GFM October 2024 Newsletter
3 October 2024
Hello all clients and friends
Welcome to the October edition of the GFM Newsletter
Our website was launched a few months ago and we welcome your feedback if possible. The “Book a Consult” has been a huge success and there seems to be a trend for websites to be back in vogue. If you haven’t had a chance to review the website yet, please look around while you are here and let us know what you think.
It’s a crazy time with the US Presidential election around the corner and the Wars overseas, along with interest rate decisions looming, whereby we are all hoping for a reduction to ease the cost of living crisis.
The 2024 AFL season is over and we congratulate the Brisbane Lions also the NRL season will be completed this Sunday – Go Storm!!!!
Please contact us to discuss any issues you may have right now or arise in the future.
Regards,
Darren, Brent and the Team at GFM
Commercial and industrial property tax
From 1 July 2024, commercial and industrial properties will transition into the CIPT reform if there is an eligible dutiable transaction or relevant acquisition, defined in the Act as an entry transaction.
CIPT is not payable immediately following the entry transaction. Ten years after the entry transaction, CIPT will begin to apply to the property at a flat rate of 1% of the property’s site (unimproved) value each year provided the property continues to have a qualifying use. A reduced rate of .5% applies to build to rent land.
Note the existing stamp duty will still be charged on the purchase.
2024 Footy Tipping
We would like to thank all those clients who entered our GFM 2024 footy tipping competition and hope you had a lot of fun each week.
We congratulate our three worthy 2024 winners, Jack, Steve and Geoff on their success!
Keep your eyes peeled for our 2025 Competition notice in a few months’ time.
ATO: Lifestyle assets data-matching program
The ATO has advised that it will acquire lifestyle assets data from insurance providers for 2023-24 through to 2025-26. Insurance policy data will be collected for the following classes of assets, where the asset value is equal to or exceeds the nominated thresholds.
| Asset class | Minimum asset value threshold |
| Caravans and motorhomes | $65,000 |
| Motor vehicles including*: – cars & trucks – motorcycles | $65,000 |
| Thoroughbred horses | $65,000 |
| Fine art | $100,000 per item |
| Marine vessels | $100,000 |
| Aircraft | $150,000 |
The data items to be collected include: client identification details (names, addresses, phone numbers, dates of birth, Australian business number, email address); and policy details (insurance brand name, policy number, policy inception date, start date of current policy, end date of current policy, last date policy was updated, total value insured, purchase price of the property insured, registration or identification number of the property, primary use type etc).
The objectives of this program are to: promote voluntary compliance; assist with profiling to provide compliance staff with a holistic view of a taxpayer’s wealth; identify possible compliance issues with income tax, CGT, FBT, GST and super obligations; and determine avenues available to assist in debt management activities.
Avoid a tax time shock
Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year:
- let their employer know if they have a study or training support loan, such as a HECS or HELP debt;
- check they are only claiming the tax-free threshold from one employer;
- consider whether the Medicare Levy Surcharge may affect them this financial year (i.e., whether they have the appropriate private health insurance);
- check their income tier is correct for their private health insurance rebate; and
- consider voluntarily entering PAYG instalments and pre-paying tax throughout the year to avoid a large tax bill at tax time for investment or business income.
If you would like to discuss or implement any of these steps and strategies in more detail, please feel free to contact our office.
myGovId changing its name to myID
The digital identity app ‘myGovID’ will soon be changing its name to ‘myID’. While the name is changing, the login and security will not change.
Taxpayers who have already set up their myGovID and use it to access government online services will not need to do anything when the app changes to myID. They will still have:
- the same details — there is no need to set up a new myID. Their login details (including email address) and identity strength remain the same;
- continued use — once available their existing app should automatically update to myID or they can manually update it from the APP Store or Google Play; and
- access to services — they can still use the app to securely access government online services.
The new name aims to reduce the confusion between myGovID and myGov.
Do you need your refund before Christmas?
We will be closing for the Christmas Holiday Season
Our office will be closed from 5pm Friday 20th December 2024
and will re-open at 9am Wednesday 8th January 2025
If you have any overdue tax returns your 2024 tax return was due for lodgement by the 31st of October 2024. Please contact our office to arrange lodgement of your overdue returns as soon as possible.
If you want to make sure you get your tax refund before Christmas, please make arrangements now before it’s too late using one of the 3 options offered below:
- Option 1 – Email your information to us, we will draft your return and then contact you to finalise prior to emailing for signature via our “Pandadoc” electronic signature program.
- Option 2 – Book a telephone meeting where we will go through your return with you and then email to you for signing via our “Pandadoc” electronic signature program.
- Option 3 – Schedule a face-to-face appointment.
You can now book 24/7 via our Online Booking System for your “Telephone” or “Face-To-Face” appointment and of course the quickest and simplest means is always our email option.
If you do wish to prepare your return via email, please complete our Personal Tax return Questionnaire and Rental Property Schedule Checklist (if applicable) as soon as possible we will then contact you should there be any further queries during the course of preparation.
Key Dates
- Lodge and Pay September 2024 Payroll Tax – 7th October 2024
- Lodge and Pay September 2024 Monthly BAS/IAS – 21st October 2024
- Lodge and Pay October 2024 Payroll Tax – 7th November 2024
- Lodge and Pay October 2024 Monthly BAS/IAS – 21st November 2024
- Lodge and Pay September 2024 Quarterly BAS – 25th November 2024
- Lodge and Pay September 2024 quarter Superannuation Guarantee Charge Statement – 28th November 2024
