Our finance and business strategy partner, HLB Mann Judd's Year-End Strategies newsletter addresses a number of topics relating to 2022/23 tax savings and end of year business planning. Some of the topics covered are working from home deductions, increases to the super guarantee, family trust resolutions & electronic signatures and your EOFY checklist.
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In this issue:
Your EOFY checklist
With a new financial year comes key opportunities for your business to re-strategise and plan for the year ahead. Ensuring that your business is prepared at the end of the financial year for the next year is critical to ensuring its viability.
No more shortcuts for WFH deductions
There are no more shortcuts when it comes to claiming your work-related expenses this financial year. The popular ‘shortcut’ method is no longer available for 2022-23 tax returns.
Increase to super guarantee from 1 July 2023
Over the last few years, the superannuation guarantee (SG) has been steadily increasing by a set percentage. It’s likely the super guarantee will be continuously increased to 12% gradually over the next few years (predicted to occur by 2025).
Why should you start your pension on 1 July 2023
If you’ve turned 60 during the year or are already over the age of 60, you could be in a position to save yourself a lot of tax by starting a pension from your superannuation at the start of the new financial year (1 July 2023).
Clock’s ticking on some much-used tax deductions
Tax deductions introduced by the Australian Taxation Office to lessen the impact of COVID-19 are approaching the end of their eligible timeframe. As your tax return for 2022-23 is likely to be different from the previous year due to expiring offsets, revised methods of deduction and more, make sure you take advantage of them before they’re gone (if you’re eligible for them, of course).
Don’t forget to do these critical things for super
In order to qualify for a tax deduction for the 2022-23 financial year, Super Guarantee contributions must be paid by 30th June 2023.
Family trust resolutions & electronic signatures
As we approach the end of the financial year, it is very important to consider the tax impacts of certain decisions that are made by your family trust - namely, the signing off on the family trust resolutions.
