May 2024 Insights & Updates for Munro’s Clients

Published on 3 May 2024 by Drew Pflaum
Categories: Insights & Updates

This month for you we have the following Insights & Updates:

Business Improvement Insights

• Tips for Improving Cash Flow in Your Business
• Profit Improvement Diagnostic

Tax Updates

• Increase in the instant asset write-off threshold to $30,000
• Self-education expenses not tax deductible
• First ASIC prosecution for failing to have a director ID
• Small business skills and training boost ends on 30 June 2024
• Reactivating old debts: new guidelines for government agencies
• Serious Financial Crime Taskforce targets false invoicing
• ATO’s use of small business benchmarks
• FBT: alternatives to employee declarations
• More information: super on paid parental leave
• Changes proposed for annual super performance test
• ATO identifies common mistakes with Division 7A
• ATO taking a tough stance on payment plans & GIC remissions

Upcoming Lodgement/Payment Due Dates

• Please refer to your Insights & Updates for Munro’s Clients email.