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Business 2 Business column: have you considered end-of-financial-year tax planning?

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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

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

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