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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 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.

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