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 always important when tax planning is concerned. This document is not exhaustive and your individual circumstances must be considered. 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 (in pension phase). Ensure minimum pension amounts have been withdrawn before 30 June. See 1 in pdf download below for further details.
- Superannuation Guarantee charge to increase from 10.5% to 11.0% on 1 July 2023. See 21(B) in pdf download below.
- Trustees of discretionary trusts. You are required to document your annual distribution decision before 30 June. See more details at 2 in pdf download below.
- Personal tax rates. See 4 in pdf download below for current personal tax rates.
- Company tax rate is 25% and remains at 25% in 2024. (Base rate entities only). See 3(A) in pdf download below.
- Improved and expanded asset write-off incentives still apply. However, this is the last year to utilise the Temporary Full Expensing write-off allowances and the Instant Asset Write-Off threshold reduces to $1,000 on 1 July 2023. See 3(B) in pdf download below.
- Single Touch Payroll (“STP”) is 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. See more details at 6 in the pdf download below.
- Loss carry back measures. Companies can carry-back losses into prior years although these rules expire on 30 June 2023. See full details at 16 in pdf download below.
Click here to download a PDF copy of the StewartBrown 2023 Year End Tax Planning Checklist which contains more details on the topics above.