Individual Tax Tips   What’s new?  Income tax thresholds/amounts Some income tax thresholds and amounts changed on 1 July 2025, while others did not. Some of the more common thresholds an amounts are listed below.   Item Threshold/amount for 2024–25 Threshold/amount for 2025–26       Car limit (depreciation) $69,674 $69,674 Car expenses – cents per km method 88c per km 88c per km Working from home fixed rate deduction 70 cents per hour 70 cents per hour Division 7A benchmark

Business Tax Tips   What’s new? Income tax thresholds/amounts Various income tax thresholds and amounts changed on 1 July 2025. Some of the more common business-related ones are listed below.  Item Threshold/amount for 2024–25 Threshold/amount for 2025–26       GDP adjustment factor 6% 4% Instant asset write-off $20,000 $1,000 (see below) Reasonable meal expenses – employee truck driver Breakfast – $30.35 Lunch – $34.65 Dinner – $59.75 Breakfast – $31.15 Lunch – $35.55 Dinner

Year-End Tax Tips   How to reduce your bill   We are getting near the end of the tax year (30 June), so you might want to consider ways to reduce your business’ tax bill.   The two simplest ways to do this are to reduce assessable income or increase deductible expenditure. Either way, the business’ taxable income (and thus the amount of tax payable) is reduced.   One way to reduce assessable income  for the current income year is to delay sending an invoice to a customer unti