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While bookkeepers wrangle with a multitude of ATO initiatives and an increased focus on compliance the minor reforms in the 2024/25 federal budget limits complexities for bookkeepers.
The Australian Bookkeepers Network (ABN) says that while the 2024-25 federal budget has largely received muted reviews, the lack of significant reform is both a blessing and curse for bookkeepers.
1. Bookkeepers shoulder increased ATO compliance
ABN Director, Peter Thorp, says that bookkeepers remain front and centre in the battle on the front line with ATO compliance.
Budget measures to recover tax debt and combat fraud now include the extension of the Shadow Economy Compliance Program to July 2026, as well as an increased compliance focus on unpaid super and rental properties. The ATO was given more time to notify taxpayers that they will have their BAS refund retained pending review. This now allows 30 days for notification. The ATO also has $187 million over 4 years to address tax, GST and super fraud.
“To reclaim ground after the billion dollar + GST fraud blowout, increased ATO scrutiny was expected,” said Peter. “It may inconvenience a number of our clients but if the ATO decide to hold up their refunds beyond 14 days they will receive interest on the delayed refund.
2. Clarity needed around Payday Super
With major Payday Super reform soon coming into force, the ABN laments the lack of instruction on how SMEs will facilitate this roll out, but appreciates investment in the process.
Investment in the Payday Super rollout includes $60 million over four years to the Productivity, Education and Training Fund to support workplaces to implement Payday Super changes. The Budget did not announce any further details of the Payday Super proposal, which from 1 July 2026, will require all employers to pay superannuation guarantees when paying an employee’s salaries or wages.
“This is a major transformation unlike anything the tax system has seen in decades,” said Peter. “This is a whole-of-industry change that needs significant attention from government, industry groups, employers, super clearing houses, accounting software providers, and everyone in between.”
3. Impact on small business clients of bookkeepers
As for the rest of the budget, the ABN says that bookkeepers can be mindful of some minor amendments to the state of play, with mixed news to deliver to their clients.
“All budgets present changes for bookkeepers with some years bringing bigger changes than others,” said Peter. “This budget presents some minor amendments to the way we do things.
“Clients will be happy to hear that they have an extra year to access the Instant Asset Write Off for assets up to $20,000,” continued Peter. “The extra $325 to pay energy bills is also helpful.”
Anticipated changes to super on paid parental leave were also confirmed which the ABN highlights is important for bookkeepers to be across.
“Bookkeepers will need to explain to their clients that the Super Guarantee rate is increasing to 11.5% from July 2024 and then up again to 12% in July 2025,” said Peter.
“On the upside, there is extra support of $10 million for small businesses to help administer the paid parental scheme, though as yet we don’t have details on how to access those grants.
“There was funding allocated to programs affecting mental health of small business operators as well as cyber protection which is welcomed”.
“We’re here to help bookkeepers support their clients with resources that explain how to meet these challenges and make the most of these changes.”
To get a more detailed update on the Federal Budget members can tune in to a recording of our recent Bookkeeper Radio episode where we dug a little deeper. For non-members become an ABN member today.
