Blog Layout

Avoid a tax time shock
Liz Gibbs • October 2, 2024

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. 



Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.


Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation. 


Inheriting property
By Liz Gibbs October 29, 2024
This month, we look at the tax consequences of inheriting property.
Boost Super using Downsizer Contributions
By Liz Gibbs October 24, 2024
If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies).
test insurance discrimination
By Liz Gibbs October 14, 2024
The ability for life insurers to discriminate based on adverse predictive genetic test results will be banned under a new Government proposal. Predictive genetic tests detect gene variants associated with heritable disorders that appear after birth, often later in life, but are not clinically detectable at the time of testing. To overcome concerns about discrimination by life insurers, the Government has announced a total ban on predictive genetic testing.
Payday Super
By Liz Gibbs October 13, 2024
‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly payment sequence.
ATO data matching programs
By Liz Gibbs October 2, 2024
The ATO will acquire officeholder data from ASIC and other bodies for the 2024 to 2027 income years, including name, address, date of birth, ABN, contact details, organisation details and officeholder details.
By Liz Gibbs October 2, 2024
One of the many responsibilities SMSF trustees have every income year is valuing their fund's assets at market value.
ATO identity fraud
By Liz Gibbs October 2, 2024
Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to their account to prevent further harm
By Liz Gibbs October 2, 2024
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.
Pay your super on time to avoid the SG charge
By Liz Gibbs October 2, 2024
Employers are reminded that employee super contributions for the 1 July 2024 to 30 September 2024 quarter must be..
Revenue NSW payroll tax
By Liz Gibbs September 10, 2024
Multinational ride-sharing system Uber has successfully contested six Revenue NSW payroll tax assessments totalling over $81.5 million. The assessments were issued on the basis that Uber drivers were employees and therefore payroll tax was payable.
More Posts
Share by: