It is significant to note that if a taxpayer chooses the new tax system, they will not be able to take advantage of deductions like Section 80C, Section 80D, and others.
More than 4.7 million Australians will benefit from a scheduled Centrelink indexation increase on Monday that will see support payments rise in line with soaring living costs.
Proposed changes to the ABN system should be delayed till 2026 to allow SMSFs sufficient time to get their tax returns up to date, the accounting body has said. In November last year, Treasury rele