Adopt & Abandon – What Will You Do Differently This Year As A Leader?

Making progress as a business leader in 2024 is as much about what you stop doing as about what you start doing.

Harris Black is pleased to provide you a copy of the 2024 Business Leader Success Insights Report developed by our strategic partner Mindshop. Inside you will find a wealth of insights on how to shape your strategies in the year ahead by prioritising what to adopt & abandon in order to accelerate your performance in 2024.

What three ideas from the report will you adopt and abandon in 2024? If the reports resonates then we welcome a discussion about how we can help address the elements you want to abandon and implement the ideas you want to adopt.

To further guide your growth in 2024 please complete the Growth & Profit (GPS) Diagnostic to discover your top three strengths, top three weaker areas and overall performance score for your business. 

If you have any questions regarding the Business Leader Insights Report or the GPS Diagnostic, please contact your Harris Black team member.

Redesigned Stage 3 Personal Tax Cuts

To assist with “cost of living relief”, the government has proposed amendments to the Stage 3 tax cuts.

These changes are yet to be passed in the Senate.

From 1 July 2024, the revised Stage 3 tax cuts will:

  • reduce the 19 per cent tax rate to 16 per cent
  • reduce the 32.5 per cent tax rate to 30 per cent
  • increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
  • increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.

There will be no change to the current tax-free threshold of $18,200.

Denying Deductions For ATO Interest Charges

The government has announced that from 1 July 2025, deductions will be denied for ATO interest charges, specifically the General Interest Charge (GIC) and Shortfall Interest Charge (SIC), where incurred in income years starting on or after 1 July 2025.

The Commissioner will continue to have the ability to consider individual circumstances and remit these charges where appropriate.

Accountancy Insurance – Audit Shield Service

Harris Black clients would have received a letter extending the opportunity to join our Audit Shield Service. Despite our diligent efforts to ensure the accuracy of your financial accounts and tax returns, we cannot prevent government authorities from commencing a review or audit.

The Audit Shield service has offered efficient financial safeguarding to our clients who have faced audits, inquiries, investigations, or reviews from the Australian Taxation Office or other government revenue agencies regarding filed returns. While we serve as your registered tax agent, you have the option to participate in this service.

To understand more about the Audit Shield Services or to opt in, please contact your Harris Black team member.

HB Undergraduate Program: Empowering Next Generation Through Work Experience Opportunities

In an era where gaining practical experience increasingly essential for undergraduates, Harris Black, has taken a proactive approach to empower next generations of accountants and business advisors.

We recently had the pleasure of three undergraduates (Madeline Ditchburn, Jadon Mitchell and Jack Worboys) joining our team for three weeks of work experience.  Each of our work experience candidates integrated well into the Harris Black culture and enjoyed expanding their knowledge and learning how an accounting practice operates.

Recognizing the importance of bridging the gap between academic learning and real-world applications, Harris Black has been committed to offering work experience to undergraduates each year.

Important Tax Dates

28 February 2024

  • Lodge tax return for non-taxable large and medium entities as per the latest year lodged (except individuals).
  • Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.

21 March 2024

  • Lodge and pay February 2024 monthly business activity statement.

31 March 2024

  • Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large and medium taxpayers), unless the return was due earlier.

How can we help you?

Today’s financial environment demands a regular review of strategy and a focus on execution.