Australian Tax Changes: How H-Connect International Can Help

What Are the Key Tax Changes in Australia?

  • Previously announced Stage 3 tax cuts.
  • $300 energy bill relief for all Australian households and $325 for eligible small businesses – applied as an automatic quarterly credit.
  • Student HELP debts will be cut by changing the way indexation is calculated. From 1 June 2023, it will be the lower CPI or the Wage Price Index (WPI), reducing the debt accumulated by more than 3 million Australians when the CPI spiked to 7.1%.
  • Increase in the Commonwealth rent assistance maximum rates by 10% from 20 September 2024.
  • One-year freeze on the maximum Pharmaceutical Benefits Scheme (PBS) patient co-payment for Medicare cardholders and a five-year freeze for pensioners and other concession cardholders.
  • Extension of the $20,000 instant asset write-off until 30 June 2025.
  • For foreign residents, the capital gains tax (CGT) regime will be amended to broaden the type of assets subject to CGT and introduce a modified 365-day principal asset testing period.
  • An increase in the superannuation guarantee rate from 11% to 11.5% for employees.
  • The tax rate has been reduced for incomes between $18,201-$45,000 from 19% to 16%. There is also a reduction from 32.5% to 30% for incomes between $45,001-$120,000.

How Will These Changes Affect Businesses?

These tax changes will have significant implications for business operations, cash flow, and profitability.

Businesses will need to:

  • Update accounting systems.
  • Review tax planning strategies.
  • Ensure compliance with the new reporting and payment requirements.
  • Reassess the impact of these changes on employees, customers, and suppliers.

Helping your clients implement these tax changes can be challenging and time-consuming, especially if you have limited resources. Partnering with us can help you seamlessly navigate these new reforms and implement tailored solutions for your clients.

How can H-Connect International support your firm?

H Connect International provides specialized finance and accounting talent to accounting firms in Australia. We are a CPA-recognized employer partner and a well-established partner to numerous accounting firms in Australia including AFR’s top 100 firms.

With a deep understanding of Australian taxation through years of experience, our team of qualified tax professionals seamlessly integrates into your business operations.

We can help with:

  • Tax compliance: We can take over your entire tax function, allowing you to focus on your core business activities and reduce overheads. We can prepare and lodge your tax returns, BAS, PAYG, and other tax obligations on your behalf, ensuring accuracy and timeliness.
  • Admin Tasks: We can assist you with disputes you may face with the ATO or other authorities, regarding tax form submissions.
  • Bookkeeping and payroll services: We can manage your financial records, process employee payments, and ensure accurate payroll tax calculations.
  • Financial Accounting Services: Preparing financial statements and finalising year-end accounts.

We also have departments that support accounting firms with paraplanning, SMSFs, business services, and digital marketing, positioning H Connect International as a true composite service provider for finance and accounting firms in Australia.

We become an extension of your organization and ensure that we operate based on your values and goals.

Here’s why partnering with us can be a game-changer:

  • We are a trusted partner – We have built a robust end-to-end support ecosystem for clients in Australia with proven excellence in efficiency gains and cost reductions.
  • 50-70% cost savings – We guarantee a minimum of 50% reduction compared to onshore resources.
  • We prioritize information security– We are ISO 27001 certified and rigidly follow DPA and GDPR.
  • Superior Client Relationships- We build long-term mutually beneficial relationships.

Contact us today and experience the difference of our tax outsourcing solutions. Build your team in Sri Lanka, with us.

Reach out today!

H Connect International

H Connect International

H connect International

We provide business solutions that prioritizes client satisfaction

Head Office

Legal

Cookie Policy

Scroll to Top