Are You Tax Ready for 2024 Tax Time?

June 19, 2024

2024 tax time is just around the corner. It’s also the time to check if there are any items that you tax deductible and that it could save you quite a bit of time.


Finalise your employees' single touch payroll (STP).


If you have employees, make sure you finalise their 2023–24 STP information by 14 July. This is an important end-of-year obligation and ensures your employees have the right information they need to lodge their income tax return. Remember to finalise all employees you’ve paid in the financial year, even those you haven’t paid for a while, like terminated employees.


Check your pay as you go (PAYG) withholding and instalments


From 1 July, individual tax rates and thresholds will change. This will impact your PAYG withholding for the 2025 financial year.

Check you're using the correct PAYG withholding tax table and that your payroll software is using the new withholding rates from 1 July.

When it comes to your PAYG instalments, if you think these could result in you paying too little or too much tax for the year, you can vary your instalments. You can do this when you lodge your activity statement or instalment notice.


Remember to lodge your variation on or before the day your PAYG instalment is due, and before you lodge your tax return for the year.


Good record-keeping habits


Heading toward the new financial year, think about your record-keeping habits this past year and whether you’d do anything differently. Good record keeping is one of the foundations of running a successful business.


If you haven’t already, now is a great time to connect with us – your Sydney business accountants at ACP Accountants. Simple call us on 02-80467621, or send us an email at info@acpaccountants.net.au.



Payday Super Is Coming

By ACP Team • May 25, 2026
From 1 July 2026, one of the biggest changes to Australia’s superannuation system will take effect — “Payday Super”. Under the new rules, employers will be required to pay employees’ superannuation at the same time as wages, rather than quarterly. Currently, businesses can pay Superannuation Guarantee (SG) contributions quarterly. However, the new legislation will require super payments to reach employees’ super funds within 7 business days of each pay run. The Federal Government introduced these reforms to reduce unpaid super, improve transparency, and help Australians grow their retirement savings faster through more frequent contributions. Industry estimates suggest billions of dollars in super currently go unpaid each year. For business owners, this means payroll systems, cash flow management, and internal processes may need to be updated before the commencement date. Employers should begin reviewing their payroll software and payment procedures now to ensure they are prepared for the transition. At ACP Accountants, we are helping Sydney businesses prepare for Payday Super by reviewing payroll systems, compliance processes, and cash flow strategies to ensure a smooth transition ahead of July 2026.  If you would like assistance preparing your business for the upcoming changes, contact ACP Accountants today.

Claiming Travel Expenses – Company Director

By Alan Law • February 10, 2026
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$20,000 Instant Asset Write-off For This 2025

By ACP Team • May 31, 2025
On 14 May 2024, as part of the 2024–25 Budget, the government announced it will continue to provide support for small businesses by extending the $20,000 instant asset write-off limit for a further 12 months until 30 June 2025. This measure is now law. Under the measure small businesses with an aggregated turnover of less than $10 million, can deduct: the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2024 and 30 June 2025; an amount included in the second element (cost addition) of eligible depreciating asset's cost that they have incurred between 1 July 2024 and 30 June 2025, if they claimed an immediate deduction for the asset under the simplified depreciation rules in a prior income year where the amount is: the first amount of second element cost incurred after the end of the income year in which the asset was written off; and less than $20,000. The $20,000 limit under the measures applies on a per asset basis, so small businesses can instantly write off multiple assets. Assets valued at $20,000 or more can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that. In addition, pool balances under $20,000 at the end of 2024-25 income year can be written off. Are you running your own business and have no time to deal with tax issues? Contact us today, Sydney's leading accounting firm at ACP Accountants on 02-8046 7621, or simple drop us a line at info@acpaccountants.net.au.