June 2023

Tax deductions for topping up super You can make up to $27,500 in concessional contributions each year assuming your super balance has not reached its limit. If the contributions made by your employer or under a salary sacrifice agreement have not reached this $27,500 limit, you can make a personal contribution and claim a tax […]

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 to fully deduct the cost of the asset upfront rather than being

It’s that time of year when we all look at what last minute things we can do to maximise tax savings. In the wise words of the late Kerry Packer to a Senate estimates committee, “Of course I am minimising my tax. And if anybody in this country doesn’t minimise their tax, they want their

The ATO has stated that it has three key targets this tax time: Rental property deductions; Work-related expenses; and Capital gains tax. For rental properties, the ATO states a review of income tax returns showed that 9 in 10 rental property owners are getting their return wrong. The ATO often sees rental income being left

As we approach the end of the financial year, the ATO has reminded trustees and their advisers they need to take care with resolutions relating to trust distributions. In order for beneficiaries to be made presently entitled to trust income (or specifically entitled to franked dividends and capital gains) there are a number of items

The ATO has also released some brief comments on the Budget measure relating to the increase in the instant asset write-off threshold for small businesses (turnover less than $10m) to $20,000 between 1 July 2023 and 30 June 2024. While the measure is not yet law, the ATO indicates that the $20,000 threshold will apply

Certain small business clients will be able to take advantage of a lodgment penalty amnesty up until 31 December 2023. The amnesty provides that late lodgment penalties will be automatically remitted where tax obligations, including income tax and business activity statements, that were originally due from 1 December 2019 and 28 February 2022, are lodged

As we approach 30 June there is an intense focus on trust distributions. This is an area of increased complexity and scrutiny. To assist, the ATO have released a checklist for the fundamentals of what should be clarified and checked. You can also find Knowledge Shop’s comprehensive checklist to trust distributions on the member website.

Key lodgment and payment dates for business for June. 5 June Lodge tax return for all entities with a lodgment due date of 15 May 2023 if the tax return is not required earlier and both of the following criteria are met: non-taxable or a credit assessment in latest year lodged non-taxable or receiving a