Now is the time to book in your pre-year-end tax planning. There is still time left to minimise your tax obligations.
Here are some items to review before June 30:
- Personal superannuation contributions. Talk to your advisor about whether making personal super contributions into your elected super fund may be a great option to minimise tax.
- Concessional contributions. The concessional contributions cap for 2023–24 is $30,000. Review super bring-forward rules and carry forward super contributions. Chat to your
accountant/advisor in relation to these. - Instant asset write off – 2024. A business will be eligible to immediately write off the total cost of qualifying assets. The assets must be priced below $20,000 and must be put into use or be ready for use within the specified timeframe, starting from July 1, 2023, to June 30, 2024.
- Write off bad debts before June 30 in order to claim as tax deductions.
- Pay super before the end of the financial year to ensure it is deductible.
- Review current business structures.
Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 5301 9957, srjww.com.au
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