Are you interested in improved cash flow management, planning for the future and confidently being able to prepare for your tax liabilities?
We have a few tax planning tips and tricks to help you get yourself in the best possible situation. Before you go through them, we want to take the opportunity to remind you of our services here at ATS. If you are looking for financial advice alongside accounting and tax support, then do speak with one of our knowledgeable and friendly team who can offer detailed insights and ideas that can boost your business to the next level.
If you’re a small business:
On the 30th June 2023, the Temporary Full Expensing rules (or Instant Asset Write-Off) will end. So, you can still take this opportunity to claim full tax deductions on any eligible assets that you acquire.
Regarding eligible assets, more information can be found online, or just reach out to your financial advisor who can offer information that is relevant to you and your business.
Stocktakes at the end of each financial year are extremely important. This ensures that you account for any stock loss or damage to ensure you aren’t overpaying in tax.
By doing this, you are going to improve cash flow, identify any theft, understand your business better and even take the opportunity to reflect on and review your pricing strategies.
Other tips include bringing forward any necessary spending to the current financial year, reducing your tax liability sooner. Deferring your income until after June 30th or paying your employer super contributions before this same date, as to obtain a tax deduction for the current year.
If you’re looking at your superannuation contributions:
Then you’re already thinking smart about effective ways to reduce your tax. But it is important to have a chat with a professional to make sure that your strategy is as good as it can be.
It is possible to claim a tax deduction on personal super contributions that are made from your after-tax income. The concessional contribution cap is currently at $27,500, but you can bring forward previously unused caps from years gone, increasing the claimable amount.
Your spouse can make contributions to your super for you if your annual income is less than $40,000 and you claim an offset. Should you earn less than $37,000 and when your spouse contributes at least $3000, then they can claim the maximum tax offset of $540.
Also, when you make personal contributions to your fund, the government may also make a contribution of up to $500 if you are a low or middle income earner.
Do have a chat with us here at Accounting Tax Solutions if you have any questions regarding these tips, or other tax planning ideas. You can contact us on 07 5559 1200 or email us at info@accountingtaxsolutions.com.au