Tax Planning Tips 2023

It's that time of year again; the end of the financial year is fast approaching.

We have prepared some tips to assist you with your pre-year-end tax planning, allowing you to view the financial standing of your business and minimise your tax.

Tax Planning Tips for 2023:

• Review your debtors

  • Write off bad debts

• Review your stock levels

  • Identify obsolete stock

  • Scrap or write-off stock

• Review your invoices

  • Do you have any prepaid income?

• Prepay expenses

  • Prepay expenses for up to 12 months (Interest, rent, training courses, consumables)

• Accrue expenses

  • Wages, directors' fees, commissions

• Superannuation

  • Pay your employees June quarter super before the end of the financial year.

• Maximum super contributions

  • The concessional contribution cap increased to $27,500 from 1 July 2021

  • Carry forward concessional contributions

• Temporary full expensing of assets

  • The deadline to claim the instant asset write-off is 30 June 2023.

    
    

We're always here to talk if you need help or have any questions on how to minimise tax.