Written by: Letty Chen | Senior Tax Writer
The ATO has now released its suite of 2024 tax return stationery. Handy links to the forms are included in this article and the key changes are identified below.
For more detail on the changes see the ATO webpage Overview of key changes.
Forms and instructions
Note:
The myTax instructions for 2024 are not yet available at time of writing.
Key changes for 2024Work-related car expenses — the cents per kilometre rate is 85 cents.
New guideline — PCG 2024/2 — to help work out the cost of electricity when charging an electric vehicle from home.
Medicare Levy Surcharge thresholds have increased.
If the taxpayer receives a trust distribution — complete the Trust income schedule 2024 and attach to tax return.
From 2024, claim all work-related self-education expenses at label D4 Work-related self-education expenses (claimed at D5 in prior years).
Individuals in business:
The small business energy incentive is not yet enacted. To claim, complete:
Instant asset write-off — the proposal to increase the threshold to $20,000 for 2024 is not yet enacted — unless and until it takes effect, the threshold remains $1,000 an the five-year lock-out rule will apply.
The thin capitalisation rules have been amended from 2024.
Labels removed from the Business and professional items schedule 2024 — P11 Capital allowances:
C Are you making a choice to opt out of TFE for some or all of your eligible assets?
D Number of assets you are opting out for
E Value of assets you are opting out for
F Temporary full expensing deductions
G Number of assets you are claiming for.
Form and instructionsKey changes for 2024The small business energy incentive is not yet enacted. To claim, complete item 7 — label K — Small business energy incentive.
Instant asset write-off — the proposal to increase the threshold to $20,000 for 2024 is not yet enacted — unless and until it takes effect, the threshold remains $1,000 an the five-year lock-out rule will apply.
The thin capitalisation rules have been amended from 2024.
If the taxpayer receives a trust distribution — complete the Trust income schedule 2024 and attach to tax return.
Changes to align the tax treatment of off-market share buy-backs undertaken by listed public companies with the treatment of on-market share buy-backs from 7.30 pm (AEDT) on 25 October 2022. Changes in respect of selective share cancellations undertaken by listed public companies — from 18 November 2022. Amounts at item 8 — label J — Franked dividends paid or label K — Unfranked dividends paid may be impacted.
Distributions funded by capital raisings are unfrankable — from 28 November 2023.
New items in the Company tax return 2024:
Items removed from the Company tax return 2024:
Form and instructionsKey changes for 2024The small business energy incentive is not yet enacted. To claim — complete item 52 — label C Small business energy incentive and item 5 Reconciliation items — label B Expense reconciliation adjustments.
Instant asset write-off — the proposal to increase the threshold to $20,000 for 2024 is not yet enacted — unless and until it takes effect, the threshold remains $1,000 an the five-year lock-out rule will apply.
The thin capitalisation rules have been amended from 2024.
If the taxpayer receives a trust distribution — complete the Trust income schedule 2024 and attach to tax return.
New and updated CGT labels at item 58 Statement of distribution in the Trust tax return 2024:
Temporary full expensing labels removed from item 50 Capital allowances in the Trust tax return 2024:
Form and instructionsKey changes for 2024The small business energy incentive is not yet enacted. To claim — item 52 — label C Small business energy incentive and item 5 Reconciliation items — label B Expense reconciliation adjustments.
Instant asset write-off — the proposal to increase the threshold to $20,000 for 2024 is not yet enacted — unless and until it takes effect, the threshold remains $1,000 an the five-year lock-out rule will apply.
The thin capitalisation rules have been amended from 2024.
If the taxpayer receives a trust distribution — complete the Trust income schedule 2024 and attach to tax return.
Temporary full expensing labels removed from item 49 Capital allowances in the Partnership tax return 2024:
Form and instructionsKey changes for 2024The small business energy incentive is not yet enacted. To claim — complete label L1 Deductible other amounts.
If the taxpayer receives a trust distribution — complete the Trust income schedule 2024 and attach to tax return.
The Government’s proposed amendments to the non-arm’s length expenses (NALE) rules — from 1 July 2018 — are not yet law.
Form and instructionsKey changes for 2024The Government’s proposed amendments to the non-arm’s length expenses (NALE) rules — from 1 July 2018 — are not yet law.
If the taxpayer receives a trust distribution — complete the Trust income schedule 2024 and attach to tax return.
Label E Eligible rollover fund has been removed at item 8 — Status of fund or trust.
Form and instructionsKey changes for 2024The small business energy incentive is not yet enacted. To claim — complete label Small Business Bonus Deductions — Small Business Energy Incentive in the AMIT tax return and label Other Deductions in the AMIT tax schedule.
Instant asset write-off — the proposal to increase the threshold to $20,000 for 2024 is not yet enacted — unless and until it takes effect, the threshold remains $1,000 an the five-year lock-out rule will apply.
The thin capitalisation rules have been amended from 2024.
The new item Small business bonus deductions — Small business energy incentive has been included in the AMIT tax return 2024.
The following labels have been removed from the AMIT tax return 2024:
Form and instructionsKey changes for 2024The small business energy incentive is not yet enacted. To claim — labels Small Business Bonus Deductions – Small Business Energy Incentive and Other Deductions.
Instant asset write-off — the proposal to increase the threshold to $20,000 for 2024 is not yet enacted — unless and until it takes effect, the threshold remains $1,000 an the five-year lock-out rule will apply.
The thin capitalisation rules have been amended from 2024.
New label Small business bonus deductions — Small business energy incentive has been included in the CCIV tax return 2024.
The following labels have been removed from the CCIV tax return 2024:
This schedule is new for 2024.
Schedule and instructionsTrust income instructions 2024
A taxpayer must complete the schedule if they were entitled to distributions from a trust.
Applies to individuals, companies, partnerships, trusts, SMSFs and small APRA funds.
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