As we approach the end of the financial year, it's important to be aware of the key changes to tax regulations that may affect your return.

Key Changes for 2024:

1. Tax Bracket Adjustments - The government has made adjustments to tax brackets to account for inflation, which may result in slightly lower tax liability for many taxpayers.
2. Work From Home Deductions - The fixed rate method for claiming work from home expenses has been revised. You can now claim 67 cents per hour for running expenses.
3. Super Guarantee Increase - The superannuation guarantee rate has increased to 11.5%, affecting employer contributions.
4. Instant Asset Write-Off - Small businesses can continue to immediately deduct the full cost of eligible assets costing less than $20,000.

What You Should Do:

• Gather all your receipts and documentation before lodging your return
• Review your deductions carefully to ensure you're claiming everything you're entitled to
• Consider consulting with a tax professional for complex situations

Contact us today if you need assistance with your tax return.