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Out with the old in 2024

Dave Adams • Jan 18, 2024

A New Year is a chance to start afresh and move into the year ahead with confidence and optimism that it’s going to be a great one! Part of setting yourself up for a wonderful year can sometimes be letting go things in your life that are not so beneficial for you and may be holding you back from living the life you want.

“You must create space in your life to let new things in. Sometimes the things you’re holding onto are the very things that are holding you back.” – Unknown

Letting go of something that no longer serves you can be challenging at the time, but in doing so you are not just removing negative habits, thought patterns or physical things that you do not need any more, you are also opening your arms to new possibilities.

Why do we hang on?

It can be easier said than done to let go, though. We are all creatures of habit and tend to gravitate towards the ‘known’.

We tend not to like letting go of the familiar to venture into the unknown, but just because things are comfortable or familiar does not mean they are working for you.

As we move through life, we change and it’s common to find that some of our beliefs, habits, or existing goals, may not work for us anymore. If that’s sounding familiar it might be time to let go.

Liberate yourself

It can be tricky to identify what needs to go, but it’s important to trust your gut. Think about what you are hanging onto that is not serving you well any more – be that a goal that no longer suits where you now see your life going, a job you once enjoyed but that is now not making you happy, or a way of thinking or behaving that does not help you move your life in the direction you want it to take.

Everyone is different, but with a bit of self-examination you can decide how to best lighten your load for the New Year.

Breaking those bad habits

We all have habits and behaviours we know are not serving us well as we move through life. You might recognise that you are prone to procrastination and it’s interfering with your ability to get things done. Making a conscious effort to address this and develop the discipline to work through a to-do list could be the best move you make to start the new year afresh.

Or you might decide now is the time to address your spending habits and get on top of your finances – ditching the unnecessary purchases and being more mindful in your spending.

Lightening the load

If your emotional baggage is starting to feel like a literal weight on your shoulders, it is time to actively address some of these emotions and lighten the load. Be it past failures, or even previous successes, unresolved anger, hurt and regret, this baggage can weigh us down.

Talking to a trusted friend or seeking professional help can help you identify what’s going on and unpack some of that baggage.

Cutting through the clutter

Of course, letting go might be more about your physical environment rather than your emotions and habits. It’s easy to accumulate ‘stuff’ but often harder to let it go.

It can be a wonderful start to a brand-new year to go through your things and get rid of anything that is not serving a purpose, letting go things that are not useful or don’t give you joy.

Letting go is a process not a destination, once you’ve made your decisions about how you intend to move into the New Year, make the commitment to create space in your life, allowing you to grow, achieve your goals and move forward with your life in a positive way.

The post Out with the old in 2024 appeared first on BMO Accountants.

What does the Federal Budget mean for me?

By Oliver Holcombe • 14 May, 2024
Treasurer Jim Chalmers has high hopes that his 2024 Federal Budget will rein in inflation earlier than expected, ease cost-of-living pressures and build a stronger economy in the future.

Federal Budget 2024-25: Tax Implications

By Ryan Troe • 14 May, 2024
Major tax cuts were the centrepiece of the Albanese government’s third Federal Budget, even though the changes have already been announced and legislated. Small businesses can breathe a sigh of relief, with the popular $20,000 instant asset write-off hanging on for another year and a valuable bill rebate on the way to help with the burden of high energy bills. Tax cuts for everyone From 1 July 2024, all 13.6 million Australian taxpayers will receive a tax cut, with the average taxpayer’s tax bill being $1,888 (or $36 a week) lower. Under the new rules, the lowest tax rate reduces from 19 per cent to 16 per cent, with the 32.5 per cent marginal tax rate reducing to 30 per cent for individuals earning between $45,001 and $135,000. The current 37 per cent marginal tax rate will be retained for people earning between $135,001 and $190,000, while the existing 45 per cent rate now applies to income earners with taxable incomes exceeding $190,000. Low-income earners (under $45,000 p.a.) are the biggest winners from the changes. A single taxpayer with a taxable income of $40,000 who pays $4,367 in tax in 2023 24, would have received no benefit from the original Stage 3 tax plan, but now receives a tax cut of $654. Boost for tax compliance On the revenue side, the Budget includes savings of $2.5 billion in tax receipt measures through a crackdown on the shadow economy, fraud, and tax avoidance. Taxpayers can expect the ATO to continue its recent tougher stance, with technology upgrades to enable better identification and blocking of suspicious activities in real-time and a new compliance taskforce focussed on recovering lost revenue and stopping fraudulent refunds. Foreign residents will pay an additional $600 million over the next three years due to strengthening of the capital gains tax rules applying to this group. Law change for old tax debts However, one controversial measure, labelled ‘robotax’ by the media, may be abandoned, according to the Budget papers. The ATO had been calling in historical tax debts, some accrued more than a decade ago, saying it had no choice under current laws. But the government now intends to change the tax law to give the ATO discretion about whether to collect the individual, small business, and not-for-profit debts. Instant asset write-off retained The deadline for the $20,000 instant asset write-off will be extended to 30 June 2025, allowing small businesses with annual turnovers of less than $10 million to immediately deduct eligible assets. In addition, $23.3 million will be spent boosting adoption of eInvoicing to help improve small business’ cash flow and productivity. Relieving energy bill pressure Direct relief for small business energy bills will come in the form of a $325 rebate, while there will also be new funding for reforms to help businesses find their best electricity contract. Assistance for smaller entities With trading conditions remaining difficult, small business will receive $641.4 million in new targeted support. This includes $10.8 million to extend both the NewAccess for Small Business Owners program providing free mental health support and the free phone-based Small Business Debt Helpline. An additional $25.3 million will be provided to expand the Payment Times Reporting Regulator and help improve payment times. Nuisance tariffs abolished From 1 July 2024, 457 nuisance tariffs will be abolished by the government to cut business compliance costs. New funding to expand the government’s Digital ID system is designed to lower the administration burden for small businesses storing identification data on their customers and employees. Anti-money laundering crackdown The Budget includes $168 million over four years to pay for reforms to Australia’s anti-money laundering and counter-terrorism financing regime. Tighter rules are expected to result in lawyers, accountants and real estate agents being required to undertake due diligence on their customers and report any suspicious activities. Information in this article has been sourced from the Budget Speech 2024-25 and Federal Budget Support documents. It is important to note that the policies outlined in this article are yet to be passed as legislation and therefore may be subject to change.
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