Our EOFY Top 5

June 30 is fast approaching so just like every year, it’s time to get your tax planning sorted.

Here are our top 5 things to keep in mind this end of financial year:

Number 1: The concessional deductible superannuation cap has increased this financial year to $27,500, which allows you to tip a little more into your super at that reduced 15% tax rate. It’s also worth keeping in mind that there are still COVID catch-up contributions available from year end 2019, if your balance is under $500,000.

Number 2: For businesses, the instant asset write-off scheme has been extended once again to June 30 2023, which means there’s still time to invest in equipment or other assets valued at less than $150,000 before June 30, for a full tax write-off.

Number 3: For business owners, end of financial year is always a good time to review your entities and tax structures to achieve the most efficient and effective tax strategies before June 30.

Number 4: If your business is set up through a family trust you should consider how to most effectively distribute profits to beneficiaries to the reap the full benefits of family trust structures.

Number 5: If you’re a company director, don’t forget that the deadline to apply for a new Director ID is November this year. The government has introduced this requirement so it can identify all company directors and prevent illegal phoenix activity, where businesses are liquidated to avoid paying their debts. This is a requirement for ALL company directors and can be done via your MyGov account.

So there’s our top 5 things to be thinking about this end of financial year. As always, if you have any questions, please don’t hesitate to get in touch.