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Stage 3 personal income tax cuts redesigned The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.  After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. Relative to the current Stage 3 plan, the proposed redesign will broaden the benefits of the tax cut by focussing on individuals with taxable income below $150,000. If enacted, an additional 2.9 million Australian taxpayers are estimated to take home more in their pay packet from 1 July.
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The Changing Landscape - A Shift from COVID Leniency to Stricter Measures The ATO had been quite accommodating in supporting businesses and individuals throughout the challenging times brought on by the COVID-19 pandemic. However, as the situation evolves and the economy rebounds, that has all changed. The ATO has shifted its stance, now emphasising the importance of adhering to tax obligations and imposing penalties for non-compliance.
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February 2025
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