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Tax Planning for 2023

The end of the year is fast approaching, and we want to ensure you're prepared.

We've provided some tips so you're ahead of the game and understand the financial position of your business.

Tax Planning Tips for 2023:

  • Review your debtors

    • Write off bad debts

  • Review your stock levels

    • Identify obsolete stock

    • Scrap or write-off stock

  • Review your invoices

    • Do you have any prepaid income?

  • Prepay expenses

    • Prepay expenses for up to 11 months (Interest, rent, training courses, consumables)

  • Accrue expenses

    • Wages, directors' fees, commissions

  • Superannuation

    • Pay your employees June quarter super prior to the end of the financial year

  • Maximum super contributions

    • Concessional contribution cap increased to $27,500 from 1 July 2021

    • Carry forward concessional contributions

  • Temporary full expensing of assets

EOFY is more than just about Tax; ensure you're looking at your superannuation; Christie Wilson from our strategic partner Elston Private Wealth explains some high-level strategies to minimise your Tax.

We hope you find our tax planning tips helpful to minimise your tax and understand the financial position of your business.

As always, we are here to help; feel free to reach out if you have any questions.



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