top 6 tax time takeaways
As we approach the end of the financial year, it’s time to start thinking about tax planning strategies and preparing for the new fiscal year ahead. In this ‘in the loop ’, we cover the key areas to focus on in the lead up to tax time.
To make sure you’re kept in the loop, you can read more here or watch our short video:
What are top 6 tax time takeaways?
1. FY24 tax planning strategies
As 30 June rapidly approaches, it's time to evaluate your tax liabilities and explore minimisation strategies. Click below to download your free copy of our Top Tax Tactics for Business FY2024 ebook, which is packed with practical ways to maximise deductions and level up your tax strategy this financial year.
If you’re a real estate business owner or real estate agent, check out our 2024 ebook specific to real estate here .
2. payments before 30 June
Key to tax time is thinking about payments that need to be made before 30 June. Have you got any super contributions that you want to make? Do you need to contribute some money back into your company to reduce your Division 7A Shareholder Loan Repayments?
If you have a SMSF, there are often special requirements to meet too. Click below to find out the important items to remember for your SMSF this end of financial year [EOFY] .
3. Fringe Benefits Tax [FBT] return
With the Fringe Benefits Tax year having just ended on 31 March, get your FBT returns done. Importantly, ensure your motor vehicle logbooks are current as they require updating every 5 years.
4. new tax rates + Federal Budget
We already know we have amended stage 3 tax cuts kicking in from 1 July 2024. Check them out and think about what they will mean for you.?
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5. Federal Budget
Stay informed about other potential updates in the Federal Budget which will be delivered on 14 May. Each year, our experts give a breakdown on the budget, ensuring you receive the essential insights you need. Be the first to get our exclusive budget breakdown straight to your inbox on 15 May by signing up here!
Watch for updates on the 'Future Made in Australia' policy in the upcoming Federal Budget. This is a significant policy for the federal government that may have opportunities for your business.
6. what’s your budget?
Lastly, to prepare for 1 July, starting thinking about your financial budget for your business. Pricing strategies are key in this high inflationary environment; get on the front foot now so any increases can apply from 1 July.
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did you know...
it's time to review your will
Making an annual will and estate plan review part of your routine at tax time is important, especially if you've experienced a major life milestone like relocating or getting married. If you're a client using our Accounting and Tax services, we can ensure your estate plan not only reflects your current wishes but also your tax planning needs.