What's new in tax 2024
2024 Tax webinar
Learn about the ATO's 2024 tax compliance changes, access the 2024 tax tables, and new workflows in MYOB Practice tax. Register for a free MYOB tax webinar.
2024 Tax changes
Rate changes
Foreign currency exchange rates: Updated for the calendar year ending December 2023.
Dependant offset: The ATI threshold is updated to 2024 income.
Study and training loan repayment thresholds and rates: Updated to 2024.
Medicare levy: Income threshold updated to 2024.
Employment Termination Payments (ETP): ETP cap amount updated to 2024.
Super lump sum cap: Low rate cap and untaxed plan cap amount to 2024 and 2025 tax year.
Depreciable Car Limit (DCL): The Motor Vehicles and Fuel Efficient Motor Vehicles is updated to $68,108.
Cents per km rate: Increased from 78 to 85 cents for 2024 in the Motor vehicle expenses worksheet.
Changes to multiple returns
Trust income schedule
The ATO has introduced a Trust income schedule as part of the ATO's change to Modernising trust administration systems. This helps with correct income reporting and consistency across all beneficiary types.
Read about the Trust income schedule on the ATO’s website.
In MYOB Practice Tax, the Trust income schedule layout is different depending on the return type.
For individual beneficiaries, the Trust income schedule has been modified to include all the fields required to complete the existing Distributions received from trust income details schedule.
For company, partnership and trust beneficiaries, a new schedule called Trust income schedule has been added.
Temporary full expensing has ended
Temporary full expensing method for assets ended on 30 June 2023.
You can't claim deductions under temporary full expensing for assets delivered, installed ready for use or improved after 30 June 2023.
Read about the Temporary full expensing on the ATO’s website.
We’ve removed the temporary full expensing labels in the following return types.
Individual | Company | Trust | Partnership |
|---|---|---|---|
Item P11 Label C | Item 9 Label P | Item 50 Label P | Item 49 Label P |
Item P11 Label D | Item 9 Label Q | Item 50 Label Q | Item 49 Label Q |
Item P11 Label E | Item 9 Label R | Item 50 Label R | Item 49 Label R |
Item P11 Label F | Item 9 Label S | Item 50 Label S | Item 49 Label S |
Item P11 Label G | Item 9 Label T | Item 50 Label T | Item 49 Label T |
Item 9 Label U |
Small business energy incentive
The Small business technology investment boost has ended, and the ATO have introduced the Small business energy incentive label.
Read about the Small business energy incentive on the ATO’s website.
Small businesses (with an aggregated annual turnover of <$50 million) can get access to a bonus deduction equal to 20% of the cost of eligible assets or improvements to existing assets that support electrification or more efficient energy use.
We’ve added the following labels so you can claim any eligible deductions.
Individual | Company | Trust | Partnership |
|---|---|---|---|
Item P12 Small business bonus deduction Label N Small business energy incentive | Item 7 - Label L Small business energy incentive | Item 52 Small business bonus deductions Label C Small business energy incentive | Item 52 Small business bonus deductions Label C Small business energy incentive |
Individual tax returns
Pre-filled bank interest data for joint account holders will appear with a certainty indicator.
The ATO have also introduced 3 new fields at Item 5 - Australian Government Allowances and payments, and Item 6 - Australian Government Pensions and allowances:
Government - Benefit certainty indicator - Pre-filled from ATO.
Australian government benefit adjustment reason - Select from the list of values if you need to adjust the value.
Australian government benefit adjustment reason description - If you select Other reason, enter a description.
We’ve also updated individual tax returns to let you easily add spouse association details using existing data.
Company tax returns
Item 24 - The Digital Games Tax Offset provides eligible game developers a 30% refundable tax offset for qualifying Australian development expenditure from 1 July 2022.
The ATO has introduced new labels A and B for this digital games offset.Item 7 label P - Offshore Banking Units field has been removed.
Item 13 - The Loss carry back offset has ended in the 2023 tax year and all related labels have been removed.
Trust tax returns
Read about the 2024 trust return changes on the ATO’s website.
As part of ATO’s change to Modernising trust administration systems, the ATO has introduced four new capital gains labels to the beneficiary distributions. Use these labels to notify beneficiaries of their entitlement to income, and support the calculation of their CGT amount in their tax return.
These capital gain labels integrate into the respective beneficiary returns.
In MYOB Practice Tax, four new capital gains tax (CGT) labels have been added to the trust tax return Item 21 Capital gains and the trust tax return Statement of distribution.
Important ATO dates
The ATO have advised that pre-filled data is available from 1 July, with most data finalised by the end of July.
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