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Tax Updates - July 2024 - Personal Taxes

Personal Income Tax ThresholdsChanges to individual personal Income Tax thresholds come into effect from 31 July 2024.Because these tax cuts are effective part way through the 2025 financial year, there will be composite rates that apply for this year.See below the new income threshold brackets and the composite rates for 2025.For wage and salary earners, then payroll software providers should already have these new rates already built into their systems so the PAYE calculations should be correc...

Tax Updates - July 2024 - Residential Rental Properties

The most recent of tax changes that could affect you, are you aware of the changes?Residential Property Brightline TestChanges to the Brightline test to came into effect on 1 July 2024.The Brightline test period for residential property has been reduced from ten years to two years.Residential properties sold after 1 July 2024 could be exposed to tax on any profit made on a sale if the property has been owned for less than two years, unless an exception applies. Exceptions for main homes, separat...

Prepare for Year End!

Have you considered all the tasks that need to be done on or before 31 March? Find out what you need to do.Accounts Receivable (Debtors) - Review your debtors, any that you don't expect to collect should be written off or Credit Notes issued for billing discrepancies before year end so that tax is not paid on unrecoverable amounts. Accounts Payable (Creditors) - Review your creditors, any supplier invoices that are not correct should be addressed before year end so that tax is not unnecessa...

It's time to launch!

Having been in the game for 20+ years, Michelle is passionate about her career and brings a wealth of experience, knowledge and professionalism to the practice of Accelerate 4 Sixty 3 Limited.Wherever you are in your journey, I am here to help you along the way.  No matter how big or small; the level of service and scope required; or where you are at in your journey,  every client is treated as an equal with work delivered in full and on time. Offering professional business, accou...