Tax Planning time
Margaret Paskin • June 4, 2022
Things to consider -
With a little discussion and thought, tax planning can greatly reduce tax expense and even worse, the fear of an unbudgeted tax debt. EOFY is also a great time to ensure all compliance matters are addressed. Typical items for consideration are:
- Trust distributions
- Bad debt write off
- Asset purchases
- Concessional super contributions
- Carry forward concessional super contributions
- Rental property deductions
- Motor vehicle deductions
For more, see here.
Market implications for Middle East Risks
The rush toward end of financial year is on us - here are a couple of important things to consider at this time: Maximise your Super One key opportunity in your superannuation strategy is to make the most of your Concessional Contributions - but get them in before 23 June 2025 to ensure they're processed in time. Another valuable opportunity is the carry-forward contributions - remembering that unused cap amounts from the 2019-2020 FY will expire after 30 June 2025 - so this is your last chance to use them. Take Advantage of the $20,000 instant asset write-off before 30 June 2025 If you're a small business owner, now is the time to consider investing in new equipment or assets. The $20,000 instant asset write-off has been extended for the 2024–25 financial year — but it expires on 30 June 2025 and there is currently no confirmed extension beyond this date. This applies to assets that are first used or installed ready for use between 1 July 2024 and 30 June 2025. For more, see our attached information , or, call the office - 3391 7566
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