Elevated News for the EA Community

elevated news for the ea community december

Festive Season

As 2023 draws to a close and the festive season begins, we would like to take the opportunity to thank you for being our valued clients and to wish you and your family a happy and safe Christmas and New Year’s.
Please note that our office will be closed from 5pm on Tuesday 19th December 2023 and will reopen on Monday 8th January 2024

Stage 3 Tax Cuts

The Stage 3 Tax Cuts that were legislated by the previous government remain a priority for the federal administration. The proposed changes include eliminating the current 32.5 and 37 percent tax brackets and increasing the top tax rate's threshold from $180,001 to $200,000.

As a result, your first $18,200 will be tax-free (as it is now), income between $18,201 and $45,000 will be taxed at 19%, income between $45,001 and $200,000 will be subject to 30% tax. Those earning over $200,000 will be taxed at 45%.

These changes come into effect on 1st July 2024.


2024-25 Tax brackets

Tax Rate Taxable income
Nil or Tax Free $0 – $18,200
19% $18,201 – $45,000
30% $45,001 – $200,000
45% $200,000+

A Multifactor Authentication (MFA) email Scam alert was issued via ato.gov.au advising that scammers are emailing people asking them to update the MFA on their ATO accounts. The scam email includes a QR code that links to a fake myGov sign in page that is designed to steal your myGov sign in details.

Please note that the ATO will never send you an email with a QR code or a link to login to their services.

More details: ATO

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