Staff and Office Updates
Thank you all for your patience in receiving this pre-EOFY update.
With the onset of the coldest months which usually see people suffer from the seasonal illnesses we hope everyone is staying warm and healthy.
Everyone in Veritas is doing well and getting ready for the new financial year.
Reminder: Don’t forget to make super contributions
Since we are fast approaching the end of the financial year, if you would like to make super contributions please don’t forget. We recommend making the payment as soon as possible, as it may take 3 days or more for a contribution to be received if using BPAY. Don’t leave it until the last week.
Please note that contribution caps and eligibility rules do apply. To claim a tax deduction for your personal contributions, you must be under 75 years of age and if you’re between 67 and 74, you must meet the work test or qualify for the work test exemption.
The concessional contributions cap is $30,000, and the non-concessional contributions cap is $120,000 for the 2024–25 financial year.
Reminder: Don’t Forget to Meet Your Minimum Pension Withdrawal Requirements Before 30 June
For our super fund clients, if you haven’t withdrawn your minimum pension for this financial year, it is time to do it!
You will be able to find the exact amount of your minimum pension requirement on the cover letter of your financial statements issued to you for the 2023/24 financial year.
We also recommend you attend to this as soon as possible because sometimes the processing time does take longer than you might think. Give it at least one week to be safe.
If you’re unsure of your minimum amount or whether you’ve met it, feel free to reach out to us — we’re here to help make sure everything is in order before the deadline.
Instant Asset Write-Off: Act Before 30 June – Proposed Extension for 2025-26
The clock is ticking for small businesses wanting to take advantage of the $20,000 Instant Asset Write-Off for the 2024-25 financial year.
For businesses considering equipment, vehicles, or other asset investments, now could be the time to act – especially with end of financial year approaching.
The Instant Asset Write-Off allows eligible businesses to deduct the full cost of eligible assets costing less than $20,000.
Who is eligible?
- Small businesses with an annual turnover of less than $10 million.
What can be claimed?
- New or second-hand assets (excluding certain ineligible items).
- Multiple assets, provided each is under the $20,000 threshold.
As a pre-election promise, the ALP announced the extension of the $20,000 instant asset write-off for small businesses by 12 months (between 1 July 2025 and 30 June 2026), this proposed measure may come into effect in their next term.
Please note – this measure is still in announcement stage and will require Parliamentary approval to become law.
ATO interest charges will no longer be deductible from 1 July 2025
After 1 July 2025 taxpayers will no longer be able to claim an income tax deduction for ATO interest charges.
On 13 December 2023, as part of the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO), the government announced it would amend the tax law to deny income tax deductions for ATO interest charges incurred in income years starting on or after 1 July 2025. This measure is now law.
These amendments deny deductions for ATO interest charges (being the general interest charge (GIC) and the shortfall interest charge (SIC)).
This means that taxpayers can no longer deduct GIC or SIC incurred on or after 1 July 2025.
As they are not deductible, any GIC or SIC that is later remitted will no longer need to be included as assessable income.
The Medicare Levy Surcharge (MLS) income threshold will change for the 25/26 financial year
The Medicare Levy Surcharge (MLS) is a levy paid by Australian taxpayers who do not have private hospital cover and who earn above a certain income. The surcharge aims to encourage individuals to take out private hospital cover, and where possible, to use the private system to reduce the demand on the public Medicare system.
The current surcharge and income threshold levels applicable for the 2024-25 financial year (from 1 July 2024 up to and including 30 June 2025) are:
| Threshold | Base tier | Tier 1 | Tier 2 | Tier 3 |
| Single threshold | $97,000 or less | $97,001 – $113,000 | $113,001 – $151,000 | $151,001 or more |
| Family threshold | $194,000 or less | $194,001 – $226,000 | $226,001 – $302,000 | $302,001 or more |
| Medicare levy surcharge | 0% | 1% | 1.25% | 1.5% |
The new surcharge and income thresholds levels applicable for the 2025-26 financial year (from 1 July 2025 up to and including 30 June 2026) will be:
| Threshold | Base tier | Tier 1 | Tier 2 | Tier 3 |
| Single threshold | $101,000 or less | $101,001 – $118,000 | $118,001 – $158,000 | $158,001 or more |
| Family threshold | $202,000 or less | $202,001 – $236,000 | $236,001 – $316,000 | $316,001 or more |
| Medicare levy surcharge | 0% | 1% | 1.25% | 1.5% |
Single parents and couples (including de facto couples) are subject to family tiers. For families with children, the thresholds are increased by $1,500 for each child after the first.
For the 2025-26 financial year, you have to pay the surcharge if you are:
- a single person with an annual taxable income for MLS purposes greater than $101,000; or
- a family or couple with a combined taxable income for MLS purposes greater than $202,000. The family income threshold increases by $1,500 for each dependent child after the first;
- and do not have an approved hospital cover with a registered health insurer.