GET YOUR YEAR END IN ORDER

30 June is just around the corner and now is a great time to give thought to any year end tax saving measures you may be able to use. Here is a hit list of a few for you to have a think about and chat to your advisor about.

• Take advantage of the Temporary Full Expensing – On 30 June 2023 the Temporary Full Expensing measures will You can still claim a full write-off for eligible assets as long as the assets are first used or installed before 30 June 2023. Merely contracting for the purchase of an asset, or even becoming the owner of the asset by 30 June 2023 is not sufficient. The asset must be installed ready for use or in use at that date.
• Review your Debtors – Review your debtors with your Bookkeeper and look to write off any unrecoverable These debts will come off your income in the year in which you write them off, regardless of the year they were invoiced.
• Review your Stock on Hand – If you operate a business that deals in stock or inventory, then review your stock valuation and write off any stock that is damaged or obsolete. Complete a stock take and remember that stock can be valued at the lower of cost or net realizable value. Small businesses can avoid doing a formal stock take if the balance of their stock has not changed by more than $5,000 in the last year.
• Maximise Superannuation Contributions – Contributing to superannuation can not only help you fund your retirement, but it can also provide immediate tax Depending on your circumstances you may be eligible to claim a deduction for personal contributions you make to your super fund, or your business may be able to make deductible contributions on your behalf. The maximum concessional super contribution cap for the 30 June 2023 Financial Year is $27,500. There are also rules that allow a bring forward of past year unused caps which means you may be able to contribute and claim more than the annual cap. It is a tricky area so make sure you speak with your advisor regarding eligibility.
• Review your Business and Investment Structures – It is a good time to take stock of your structures and ensure your current structures are still suitable for your It may be that your business has experienced growth which sees the current structure not best practice, or perhaps you are looking to wind structures down as you head toward retirement. Importantly asset protection should be a key consideration when looking at your Business structures and the separation of assets and investments from trading structures.

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