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It’s that time of year when we all look at what last minute things we can do to maximise tax savings.
Bring forward the purchase of assets
If there are large assets your business needs to buy (or upgrade), you have until 30 June 2023 to use the temporary full expensing rules. These rules enable businesses with an aggregated turnover of up to $5bn..
As inflation returns, investors are now faced with a very different economic environment to the past decade. A decade of low-interest rates, low inflation and rising asset prices. You could forgive people for thinking that's just the way it is.
We talk to a lot of clients about the best strategies to maximise their superannuation balance prior to retirement. The more money you have in super when you retire, the more choice you have about your retirement lifestyle. At present, you and your..
There are lots of reasons to keep fit, but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before about..
Business Taxpayers
Business taxpayers will need to prepare for the new year as well as the current year.
Prepare for the following:
All those with family trusts need to do some tax planning and, at a bare minimum, review the cash distributions and prepare a Resolution before 30 June 2022.
This is a safe, ballot box friendly Budget, as expected, focusing on jobs, cost of living, homeownership, and health.
Key initiatives include:
- A 6 month, 50% reduction in fuel excise with effect from midnight Budget night
- A $420 cost of living tax..
