The end of the financial year is fast approaching, which means now is the time to review your business expenses to make sure you are claiming all allowable tax deductions. Business’s large or small will need to complete bookkeeping, tax returns and plan for new financial year.
There are some very important tips when it comes to completing the financial year tax end for 2023.
1. Superannuation Guarantee Rate increasing to 11%
Being closed to the end of the financial year, some businesses owners and their family members can consider making the maximum annual concessional super contribution of $27,500.
2. Bring forward the purchase of assets – Temporary Full Expensing Measures Extended to 30 June 2023
Enables qualifying business to claim for a full deduction for most depreciable assets that they acquire for business purposes, but turnover must be less than $5 billion.
3. Write-off bad debts
Any bad debts need to be reviewed prior 30 June 23 that you are not paying tax on those amounts you won’t receive.
4. Realise any capital losses and reduce gains
The tax effect of any capital gains you have made during the year by realising any capital gains, this needs to be genuine transactions to be effective for tax purposes.
5. Super savings and strategies
Tax deductions for topping up super for yourself or toping up your partner’s super, also bringing forward unused contribution caps and make a larger tax-deductible contribution for this year.
6. Arrange tax planning meeting with your Accountant
Before the end of the financial year 2023, take the opportunity to talk to your accountant or bookkeeper to give you a review of business finances. A professional can help up forecast business performances for better future and develop cash flow improvement strategy to put your business in better position in years to come.
Feel free to contact Lana and her team at Matovic Business Accountants if you would like to discuss your business’ accounting and bookkeeping needs.
Email us at info@matovicaccounting.com.au or call (07) 3557 5721.
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