Another year has come and gone!

Would you believe it’s December already?! And what an amazing race it’s been.

Our city’s first full year without a lockdown since the pandemic began has passed, and now we turn a new leaf as we lead into 2023!

As we near the end of the year, it’s good opportunity to reassess where we’re at, and where we’re headed in the new year.

Tax matters are in abundance. In particular, if you’re set up as a trust you should be thinking about the distribution of profits.

Keep in mind also that the $450 threshold for the superannuation guarantee is gone, which means all employees need to now be paid super regardless of their earnings.

The 30 November deadline for directors to apply for their director IDs led to a flurry of applications, with the ATO now extending that deadline to 14 December, but threatening compliance action against those who still fail to meet it.

Federally, inflation is still too high so the RBA is continuing to increase interest rates, with further increases forecast for next year.

At the state level, the ALP continue to steer the ship for the next 4 years, so we wait with bated breath to see if they’ll increase taxes to try to balance the budget.

So while we’re all winding down for the summer break, there’s plenty to think about as we approach the new year.

Enjoy the festive season and on behalf of our team at CFD Advisors Accountants we thank you for the support and wish you all a safe and restful summer with family and friends!