For the information of clients we enclose this checklist which you may find helpful in planning your year-end tax strategies. Careful planning (and in many cases timing) is even more important this year. Please contact your StewartBrown Manager or Partner should you need any assistance with understanding or applying the below.
Here’s a quick summary of what you need to consider for yourself and your business before the end of the financial year:
- Superannuation. Changes to some age-based tests and concessional and non-concessional contribution cap limits. Ensure minimum pension amounts have been withdrawn before 30 June.
- Superannuation Guarantee charge to increase from 10% to 10.5% on 1 July 2022.
- Trustees of discretionary trusts. You are required to document your annual distribution decision before 30 June.
- Company tax rate has reduced from 26% to 25% on 1 July 2021 (Base rate entities only).
- Improved and expanded asset write-off incentives still apply.
- Personal tax rates.
- Single Touch Payroll (“STP”) will be compulsory for all employers from 1 July 2022. Contact your StewartBrown Manager or Partner for assistance with this if necessary.
- Cryptocurrencies and Digital Assets. The ATO has access to extensive data from exchanges and service providers that can easily match transactions to clients.
- Loss carry back measures. Companies can carry-back losses into prior years.
Click here to download a PDF copy of the StewartBrown 2022 Year End Tax Planning Checklist.