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The guidance is based on legislation current as at May 2024 and includes announced government changes affecting tax rates and thresholds from 1 July 2024, energy bill rebates for eligible small businesses, and extensions or amendments to key provisions such as instant asset write-off and CGT rules.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/tax-preparation-checklist-may-2024-updates/179539/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/tax-preparation-checklist-may-2024-updates/179539.png","ImageObject",442,249,{"name":88,"@type":89},"Aurelia","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/vnd.openxmlformats-officedocument.wordprocessingml.document","2026-10-08","2026-09-02",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",6,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What is the purpose of the tax preparation checklist?","Question",{"text":109,"@type":110},"It provides a general list of major issues practitioners should address when preparing upcoming tax returns and planning with clients, without attempting to cover every possible issue.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What date is used for the legislation basis?",{"text":114,"@type":110},"The checklist is based on legislation current as at May 2024.",{"name":116,"@type":107,"acceptedAnswer":117},"Which announced changes take effect from 1 July 2024?",{"text":118,"@type":110},"Stage 3 tax rate reductions apply, small businesses may receive an energy bill rebate from 1 July 2024, and the $20,000 instant asset write-off is extended for eligible small businesses until 30 June 2025.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},179539,1789984109,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":136,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":137,"language":138,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":139,"faqs":140,"seo_title":141,"seo_description":61,"update_tm":142,"read_time":15},1099514068365,"https://ap-avatar.wpscdn.com/avatar/10000253d8d9f28188e?_k=1776742907772140068","Tax Preparation Checklist\nTax Preparation Checklist\nThis tax preparation checklist provides a general list of major issues that public practice members should address but it is not designed to be an exhaustive list of all issues that may warrant consideration when discharging your obligations in preparing upcoming tax returns or considering tax planning with clients.\nThis information is based on legislation current as at May 2024.\nAbout the author\nThis checklist was prepared by SW Accountants and Advisors on behalf of CPA Australia.\nDisclaimer\nCPA Australia and the authors have used reasonable care and skill in compiling the content of this material. However, CPA Australia and the authors make no warranty as to the accuracy or completeness of any information in these materials. This material is intended to be a general guide only. All practitioners, readers, viewers and users are advised to undertake their own research or to seek professional advice to keep abreast of any reforms and developments in the law. To the extent permitted by applicable law, CPA Australia, its employees, agents and consultants exclude all liability for any loss or damage claims and expenses including but not limited to legal costs, indirect special or consequential loss or damage (including but not limited to, negligence) arising out of the information in the materials.\n\u000f\nThe following relevant changes have been announced by the Government (but may not yet be law):\nStage 3 Tax Cuts will apply from 1 July 2024, where:\nthe 19% tax rate will be reduced to 16%\nthe 32.5% tax rate will be reduced to 30%\nthe income threshold above which the 37% tax rate applies will be increased from $120,000 to $135,00, and\nthe income threshold above which the 45% tax rate applies will be increased from $180,000 to $190,000.\nEligible small businesses will receive $325 total rebate on their energy bill from 1 July 2024. To access this rebate, small businesses must meet their state and territory definition of electricity small customer.\nThe $20,000 instant asset write-off will be extended for 12 months to 30 June 2025, for eligible small businesses with an aggregated turnover of less than $10 million.\nAmendments to CGT events commencing from 1 July 2025 to:\nclarify and broaden the types of assets that foreign residents will be subject to under the CGT provisions\namend the point-in-time principal asset test to a 365-day testing period\nrequire foreign residents disposing of shares and other membership interests exceeding $20 million in value to notify the ATO, prior to the transaction being executed.\nAmendments to the tax law to give the Commissioner a discretion to not use a taxpayer’s refund to offset old tax debts, where the Commissioner had put that old tax debt on hold prior to 1 January 2017. This discretion will apply to individuals, small businesses and not-for-profits.\n\u000f\nYear ended 30 June 2024","cbCaitO7EQyv5E7t","https://ap.wps.com/l/cbCaitO7EQyv5E7t","docx",613328,8,34,"English","# Tax Preparation Checklist\n## Basis and scope\n## Disclaimer\n## Announced government changes\n## Year ended 30 June 2024","[{\"question\":\"What is the purpose of the tax preparation checklist?\",\"answer\":\"It provides a general list of major issues practitioners should address when preparing upcoming tax returns and planning with clients, without attempting to cover every possible issue.\"},{\"question\":\"What date is used for the legislation basis?\",\"answer\":\"The checklist is based on legislation current as at May 2024.\"},{\"question\":\"Which announced changes take effect from 1 July 2024?\",\"answer\":\"Stage 3 tax rate reductions apply, small businesses may receive an energy bill rebate from 1 July 2024, and the $20,000 instant asset write-off is extended for eligible small businesses until 30 June 2025.\"}]","Tax Preparation Checklist - May 2024 Updates | DOCX",1788337342]