Under current law, the small business instant asset write-off threshold is (less than) $1,000 for the 2025 income year. However, the Government has announced that it will temporarily set the instant asset write-off threshold for small business entities at (less than) $20,000 for the 2025 income year. Small business with an aggregated annual turnover of less than $10 million will generally be able to immediately deduct the full cost of eligible assets costing less than $20,000

Finally the long awaited Stage Three Personal Tax Cuts that were announced prior to the Federal Budget will apply from 1 July 2024. From July 1 2024, the 19% tax rate will reduce to 16% (tax-free threshold will remain the same at $18,200), and reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold. There will also be an increase the threshold at which the 37% tax rate applies from $120,000 to $135,000, and an increase of the threshold when t

The low and middle income tax offset (LMITO) were tax offset in the 2019 to 2022 income, they helped reduce the tax you needed to pay in those income years. Unfortantely LMITO ended on 30 June 2022. This means it doesn't apply for the 2022–23 income year. Your tax return outcome may be different this income year. You may have a lower refund (less than when LMITO was available) or you may receive a tax bill.