Wayne Page & Taxmania

⚠️ Update from the ATO: Changes to Statement of Account Process ⚠️

We’ve got an important update from the Australian Tax Office (ATO) regarding how they handle statements of account. If the only transaction on your account is a General Interest Charge (GIC), the ATO will no longer send you an automatic Statement of Account (SOA).

❗ What does this mean for you?

You’ll receive less paperwork in the mail.
You can still view your account balance and recent transactions at any time through ATO Online Services.
The ATO will remind you of any GIC accumulating on your debt via SMS, myGov, or email when needed.

ATO to cease issuing statements on GIC The Tax Office will stop issuing automated statement of accounts when the only transaction on an account is a general interest charge.

💡 What is Bracket Creep, and How Does It Affect You? 💡

Have you noticed that even if your wages increase, your take-home pay doesn’t seem to grow as much? That could be due to bracket creep. Independent MPs are advocating for the indexing of income tax brackets, a move that would help protect wages from being taxed at higher rates as inflation rises.

Currently, as your income goes up with inflation, you may get pushed into a higher tax bracket, which means more of your income is taxed at a higher rate. This is why it’s important to understand how this could affect your finances and the cost of living.

The good news is, Wayne Page & Taxmania are here to help you navigate through these changes. With so many changes in the tax landscape, it's crucial to have a trusted partner on your side. Contact us today to discuss how we can ensure you’re making the most of your tax planning.

Independent MPs push for indexation on tax brackets Crossbench MPs are calling on the government to commit to indexing income tax brackets ahead of the looming election.

Due to a visit from Cyclone Alfred 🌪️, we will be closing our office from 2pm on Thursday. Please stay safe out there and be aware of the vulnerable around us. Remember, if it’s flooded; forget it! 🌊🚫

🚗 FBT Year-End is Coming – Are You Ready? 🚗

Do you allow employees to use your company car for personal trips? This could trigger Fringe Benefits Tax (FBT). As the FBT year ends on March 31st, it’s time to take a closer look at your motor vehicle and other employee perks.

📞 Not sure if you’re on top of things? Reach out to us before the deadline to make sure you’re fully compliant and avoid any surprises.

Attention NFPs: The deadline to lodge your NFP Self-Review Return is approaching, with submissions due by March 31, 2025. If your organisation is non-charitable, has an active ABN, and self-assesses as income tax-exempt, it’s crucial to complete this return. Don’t wait – get ahead and lodge online for the quickest process. If you need assistance, visit the ATO website for helpful guides or call us for support!

Attention all businesses working with subcontractors: The ATO requires your Taxable Payment Annual Report (TPAR) for 2024 to be lodged by March 22nd. Be sure the figures you submit match exactly with what’s on your 2024 Tax Return. Need assistance? Contact us today at (07) 3281 4559.

After 25 years of faithful service to his clients Wayne Page has decided to retire. The family business will continue in the hands of Tracey and Ben his children and his parting words were "take care of them" showing that his clients were part of his family too. We will be working hard to carry on the legacy of Wayne. Don't worry we won't be letting him off that easy, you will be seeing him around the office from time to time! Enjoy your retirement Wayne!

Happy birthday Wayne hope is a good one