Up to $300 credit for households

If you have an active electricity account, you will receive up to $300 credit on your electricity bill over the 2024—25 financial year (1 July 2024 to 30 June 2025).

Up to $325 credit for eligible small businesses

If you have a small business, you may be eligible to receive up to $325 off your small business electricity bill over the 2024—25 financial year. To be eligible you will need to:

• have an active electricity account
• not operate from a residential address with a residential electricity tariff, and
• meet the definition of a ‘small business’ in the state or territory that your business operates in. This will be based on your business’s annual energy usage.

This may include small businesses located in an embedded network such as a shopping centre, but will depend on your state or territory.

Energy bill relief starts July 2024

Energy bill relief will be applied to electricity bills from July 2024. The timing of the first credit may vary, depending on where you live and your billing cycle. It may take some time after the census date for the credit to be applied on your electricity bill. If you receive your bill for the first quarter and it doesn’t have a credit on it, you should receive your first quarter credit along with the next quarter’s credit automatically on your next bill.

Most households will have bill relief applied as four $75 credits. If you live in Western Australia, your household will receive two credits of $150 applied to your bills in July and December 2024.

Most eligible small businesses will have bill relief applied as four credits of $81.25. If you live in Western Australia, your eligible small business will receive two credits of $162.50 in July and December 2024, and in Victoria, your eligible small business will receive one credit of $325.

Energy bill credit

In most cases, your electricity bill credit will be automatically applied to your household or small business electricity bill by your electricity retailer. Once your credit has been applied by your retailer, you will see it as a line item on your electricity bill.

Embedded networks

If you live in an apartment block, caravan park, or retirement village, you may be in an embedded network.

A small business located in a shopping centre may be in an embedded network.

Embedded networks are private electricity networks. This means that customers may not have a direct relationship with an energy retailer but may pay their energy bill to the embedded network operator. The embedded network operator may be your strata or landlord in a caravan park, apartment building or retirement home or village.

If you are an embedded network customer, you or your network operator may need to apply for energy bill relief. In some states/territories embedded network customers will apply for a one-off payment instead of bill credits. For more information visit your state or territory government energy website.

Credits for households and small businesses with solar panels and batteries

If your house or small business is powered by solar panels or batteries and you have a positive account balance, you will still receive a credit on your account.

Moving house or changing retailer

If you have an active electricity account on the census date listed for your state/territory, you can expect to have a credit applied on your electricity bill for that corresponding period. A ‘census date’ is used to identify if a household or small business is eligible to receive a credit for the corresponding billing period.

For example, if a household or small business changes electricity retailer after the first quarterly credit, they will receive the remaining three quarterly credits on subsequent bills under their next electricity retailer.

For example, for residents in New South Wales:

• If you have an active account on 31 July 2024, you will receive a credit for quarter 1: July to September 2024.
• If you have an active account on 1 October 2024, you will receive a credit for quarter 2: October to December 2024.
• If you have an active account on 1 January 2025, you will receive a credit for quarter 3: January to March 2025.
• If you have an active account on 1 April 2025, you will receive a credit for quarter 4: April to June 2025.

More information

More information on the Energy Bill Relief Fund 2024-25 is available at energy.gov.au/energy-bill-relief-fund 

The ATO cautioned all Australians to be aware of ATO impersonation scams related to the name change of myGovID to myID.

Previously, the Tax Office announced myGovID would transition to be known as myID, effective from 13 November.

The change would include a new name and look; however, the app would still be able to be used in the same way and would require no action from users.

“The change from myGovID to myID aims to reduce the confusion between the myGovID app and myGov,” the ATO said.

“The new name for the Australian government’s digital ID app reflects the community’s understanding of Digital ID and demonstrates how a whole-of-government ID provider can help protect Australians from identity theft and fraud.”

According to the ATO, an influx of scams had been experienced based on the name change. With the name transition, there would be no need to set up a new myID or reconfirm details.

If asked to do this via text message, email, or visiting a website, it was a scam, the Tax Office said.

Official ATO communications about the name change and transition were shared with taxpayers and current myGovID users through email and other activities.

The ATO said scammers were trying to trick the community into thinking they needed to reconfirm their details via a link.

“The link directs users to a fraudulent myGov sign-in page designed to steal personal information, including myGov sign-in credentials,” the ATO said.

“These details can be used later in identity theft or other fraudulent activity such as refund fraud.”

The ATO provided reminders and tips for app users to help protect themselves against potential scammers. These included:

• The ATO won’t send an SMS, QR code, or email with a link to log on to online services as they should be directly accessed by typing ato.gov.au into a browser.
• The ATO would never send an “unsolicited message” asking to return personal identification information through SMS or email.
• Users should not click on links, open attachments, or download any files from suspicious emails or text messages, as ATO communications would never include a hyperlink.
• The myGovID/myID app should only be downloaded from the official app stores, Google Play, and App Store.
• Be mindful and remember to never share a login code or details with another individual or entity.

The Tax Office said communications and notices could also be found on Facebook, Instagram, and LinkedIn.

“We are on these platforms, but we will never use these social media platforms to private message, discuss your personal information, documentation, or ask you to make payments,” it said.

“If you’re unsure whether it’s really the ATO, don’t reply. Phone us on 1800 008 540 to report any suspicious contact claiming to be from the ATO to ReportScams@ato.gov.au.”

Super not rolled over from your previous super fund could mean some of the $17.8 billion lost super may be yours.

The latest data reveals that since 2021, we’ve reunited or paid out almost $6.4 billion ATO-held super. Yet there’s still almost $17.8 billion lost super waiting for people to claim.

If you haven’t rolled over all of your super from your previous super fund into your SMSF, you could have lost super. The easiest way to find lost super is on ATO online services through myGov. For most people finding lost super will only take a few minutes.

You will need a myGov account linked to the ATO. Once you link your myGov account, you can also use the ATO app.

Easy to follow steps on finding lost super on ATO online services through myGov:

Log on to ATO online services through myGovExternal Link. From the top menu, select Super. Then select either:

• Fund details to check for lost super – if you want to keep your super with the same fund, contact them directly to update your details.
• Manage and then Transfer super to transfer this lost super to an eligible super account – or ask your fund to complete the transfer for you.
• Manage and then Transfer super to transfer ATO held super to an eligible super account.
• Manage and then Withdraw ATO-held super to have your super paid directly to you if the amount is less than $200 or you are over 65.

If you can’t see your SMSF account after following the directions above, it may be due to the compliance status of the SMSF. There may be restrictions applied that prohibit a transfer to an SMSF, such as the SMSF not being up to date with income tax obligations.

If you think you have lost or ATO held super but can’t see it on ATO online, we may not have all your details. Contact your previous super fund to check your member number, the amount of lost super and when it was transferred, then contact the ATO.

Find out more information by visiting searching for lost super.

Study Loan Refunds: What You Need to Know

A recent change in legislation may result in refunds for some clients.

What’s Changed?
A new bill has passed in parliament to update how annual indexation is calculated for study and training loans. Starting from 1 June 2023, indexation will now be based on the lower of two measures:

• The Consumer Price Index (CPI)
• The Wage Price Index (WPI)

This change has been applied retroactively, reducing indexation rates for the past two years:

• 1 June 2023: Reduced from 7.1% to 3.2%
• 1 June 2024: Reduced from 4.7% to 4%

How Does This Affect You?
For most clients, there’s no action needed! Excess indexation amounts are being automatically credited back to loan accounts.

If the adjustment results in a credit balance on a loan account, here’s what happens next:

1. Loan Credits: Excess amounts will be transferred to the client’s Income Tax account.
2. Debts Settled: Credits will be applied to any outstanding tax or Commonwealth debts.
3. Refunds Issued: Any remaining credit will be refunded to the client’s nominated bank account.

Most credits will appear on accounts by the end of January 2025. Complex cases may take a little longer to process.

What Should You Do?
To ensure smooth and timely refunds:

• Update Bank Details: If you’re listed as the nominated account, you’ll receive the refund. Reconcile this amount with your records.

Clients can visit the ATO website for more information by searching QC 49409 and reviewing the “Manage Agent Trust” (MAT) service section.

Please note: The ATO cannot provide a list of clients eligible for refunds at this stage.

If you own multiple residential properties in Victoria and any of those are vacant or are expected to be vacant for more than 6 months you will be subject to vacant residential land tax. This also applies if you use the property for irregular personal use or work.

Vacant residential land tax applies to all vacant residential properties in Victoria unless you nominate for an exemption by the 15th of January 2025.

Please contact our office for further information or assistance.

See fact sheet below:

Vacant residential land tax (VRLT)

Applies to residential land vacant for more than 6 months in the preceding calendar year. VRLT has been expanded from the inner and middle Melbourne suburbs, to all properties in Victoria.

VRLT applies in addition to general land tax.

Definition of Residential Land:

Includes land with a home, under renovation, or uninhabitable for over 2 years.

Excludes: unimproved land (vacant block), commercial premises, residential care facilities, and retirement villages.

VRLT Rate – Calculated on the capital improved value (CIV) of the property:

CIV includes the value of the land, buildings and any other capital improvements made to the property as determined by the general valuation process. CIV is displayed on the council rates notice.

VRLT for any year is assessed on the previous year’s occupation of the property. For example, VRLT in 2025 is based on a property’s vacancy in 2024.

Exemptions for Vacant Residential Land Tax (VRLT):

Homes that are unoccupied for more than 6 months of the preceding calendar year may be exempt from VRLT if:

• If the ownership of the property changed during the year.
• The property became residential during the year.
• The property became residential within the last 2 years & ownership is unchanged (extended to a maximum 3 years from 1 Jan 2025, provided the owner has made genuine and reasonable efforts to sell the land. VRLT will apply at 1% until it is sold). E.g. newly constructed property or a warehouse converted to residential housing.
• The property is used as a Holiday home occupied by the owner for at least 4 weeks continuous or aggregate (from 1 Jan 2025 includes relatives or certain beneficiaries of the home owner). Can only nominate one holiday home. SRO must be satisfied that the property was a genuine holiday home, having regard to its location and distance between the owner/beneficiary’s actual home and the holiday home, as well as the frequency and nature of its use.
• The property was occupied for at least 140 days by the owner or vested beneficiary for the purpose of attending work/business, and they have a principal place of residence (PPR) in Australia (homes owned by companies, associations or organisations are generally not eligible for this exemption).

What does ‘vacant’ mean:

A property is considered vacant if, for more than 6 months in the preceding calendar year, it has not been lived in by:

• the owner, or the owner’s permitted occupant, as their principal place of residence (PPR), or
• a person under a lease or short-term letting arrangement made in good faith.

The occupation does not need to be by the same occupant or for a single continuous period, and a beneficiary of a discretionary trust can be a permitted occupant.

It must actually be used and occupied for more than 6 months (not just available to occupy).

It can’t be used intermittently or on a casual basis by friends or family of the owner. The use and occupation must be either as a PPR or subject to a bona fide lease or letting arrangement.

Properties undergoing Construction and renovation:

Homes undergoing significant renovations or construction will not be considered vacant for up to 2 years from the date a building permit was issued. An extension can be requested under certain circumstances. There is no need to notify SRO for the first 2 years after the building permit was issued. Notification must be made in the third year.

Notification Requirements for Vacant Residential Land Tax (VRLT):

• Key Deadline: Notify the State Revenue Office (SRO) by 15 January if your property was vacant for over 6 months during the previous calendar year. Use the online portal to submit details.
• Missed Deadline: Late notifications should be submitted as soon as possible.
• Penalties for failing to notify:
  • 5% penalty tax for voluntary disclosure before an investigation.
  • 20% penalty tax if disclosed after an investigation starts.
  • Up to 90% penalty tax for intentional non-compliance or hindrance of an investigation.

From 1 January 2026:

Unimproved residential land in metropolitan Melbourne that has remained undeveloped for at least 5 years and is capable of residential development may attract VRLT from 1 January 2026 onwards. More information coming soon.

For further information please also see the below videos on the SRO website:
https://www.sro.vic.gov.au/videos/my-holiday-home-exempt-vacant-residential-land-tax
https://www.sro.vic.gov.au/videos/vacant-residential-land-tax-0