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 for up to 11 months (Interest, rent, training courses, consumables)
Wages, directors' fees, commissions
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
The deadline to claim the instant asset write-off is June 30 2023.
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.