ATO Update: What’s New For 2024?

ATO Update: What’s New For 2024?

As the new financial year unfolds, it’s a good time to take stock of any changes made by the Australian Taxation Office (ATO) and ensure you’re across new initiatives or legislation that may affect your individual or supplementary tax return.

We have added below the most recent update direct from the ATO, published on May 29th, 2024.

Cents per kilometre rate

Since 1 July 2023, the cents per kilometre rate is 85c for work-related car expenses. If you’re using the cents per kilometre method use this rate in income year 2024.

Trust income schedule

From the 2024 income year, if you received one or more distributions from trusts, you must complete Trust Income Schedule 2024 and attach it to your tax return. The trust income schedule details each distribution that you receive from trusts.

Certain amounts you report in your trust income schedule are amounts you report in your supplementary tax return at question:

• 13 Income
• 18 Capital gains
• 19 Foreign entities
• 20 Foreign source income and foreign assets or property.

For information to help you complete the trust income schedule and who must complete the schedule, see Trust income schedule and instructions 2024.

For more information, see Modernising trust administration systems.

Effective life determination for depreciating assets

Use the effective life of a depreciating asset to work out its decline in value. You can either make your own estimate of its effective life or use the Commissioner’s effective life determinations. For assistance with both, see Effective life of an asset.

Self-education deductions

From the 2024 income year, you claim all eligible deductions for work-related self-education expenses at question D4 Work-related self-education expenses.

In prior income years you would claim formal education courses provided by professional associations, seminars, education workshops or conferences at question D5 Other work-related expenses.

This doesn’t change the types of expenses or deduction you can claim, only the question where you claim them.

This change is limited to expenses you claim at question D4 and D5. You continue to claim motor vehicle and travel expenses at questions D1 and D2.

Where to go next – ATO

• For more information on changes that may impact individuals this tax time, see What’s new for individuals.
• Go to Do you need the supplementary tax return instructions 2024?.
• Return to main menu Individual tax return instructions 2024.

Where to go next – ask our experts!

Our team of tax strategists, advisers and accounting experts are here to help optimise your financial position, identifying opportunities for maximising deductions, implementing tax-efficient strategies and minimising tax liabilities. To book in with our team, just send an enquiry via our contact page and we’ll be in touch as quickly as possible.