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 prior to the end of the financial year
Maximum super contributions
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 June 30 2023.
If you need help or have any questions on how to minimise tax, we're always here to talk.