Business name fees and tax deduction rate for car expenses changing on July 1

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Source: Unsplash/Adam Winger.

Australians seeking to register a name for a company or business, or renew the name of their business, will face slightly higher fees from July 1. 

Company and business name fees are increased each year, in line with the Consumer Price Index (CPI), but this year’s bump comes alongside a range of other increases, including to superannuation, award wages and the minimum wage

From July 1, the fee for applying to register an Australian proprietary company will increase to $538, from $512. 

The cost of reserving a company name will also increase, from $52 to $55, while late payment fees will increase to $87 (from $83) for those who are one month late in paying, and to $362 (from $344) for those who are more than one month late. 

Annual review fees will also increase slightly, as per this table from the Australian Securities and Investments Commission. 

Those registering or renewing a business name for 12 months will pay $39 from July 1, up from $37, while those registering or renewing a business name for three years will pay $92, up from $88. 

Deductions for car expenses changing

The Australian Taxation Office (ATO) has also confirmed that the cents-per-kilometre deduction rate for work-related car expenses will also increase from July 1.

In a move that has been welcomed by members of the accounting profession, the deduction rate will increase to 78 cents at the start of the new financial year, up from 72 cents. 

The ATO had previously indicated the rate would move to 75 cents per dollar, but accounting bodies said the smaller increase was “undercooked” and would not help motorists facing significantly higher petrol prices.

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