Action required: Your Pre 30 June 2023 Game plan

In the lead up to 30 June 2023, you have a number of opportunities to save tax. At the same time, we’ve just had some of the biggest tax changes occur over the last 12 months and you need to be aware how these may affect you and what options you have.

Please read this very important article – it will only take you 2 minutes – but it may save you thousands of dollars in tax and save you a lot of stress as a business owner.

Understanding investment options for growth and diversification are essential for achieving long-term financial goals. Whether you are saving for retirement, planning to buy a new home, or building an emergency fund, investing your money can help you grow your wealth and achieve financial freedom.

With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2023 to reduce your tax and grow your wealth.

For 2023, key priorities are likely to include:

• Reviewing whether you can still allocate trust distributions (from your Family Trust or Discretionary Trust) to adult children or parents as a result of the newly released ATO Tax Rulings

• Maximising superannuation contributions – and using carry-forward amounts from prior years if applicable to make even larger superannuation contributions

• Bringing forward deductible expenses

• Deferring taxable income

• Managing capital gains

• Using a Family Trust or a “bucket company” to cap your tax at 25% or 30%

Estate planning and succession planning are generally not the topics that many people enjoy considering. However, proper planning for the distribution of your assets to your loved ones, including smooth transition of the control of your business or family trust (if any) to the next generation, is important to eliminate the risk of conflict and costly disputes in the future.

When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working.

But did you know, there are also some excellent tax benefits you can take advantage of right now – just by making your own voluntary superannuation contributions?

Generally, money invested in super is taxed at a lower rate than your personal income tax rate.

In the lead-up to 30 June 2023, we want you to be aware of opportunities to save tax with super contributions.

Investing in the stock market can be a lucrative way to grow your wealth over the long term, but it can also be confusing and intimidating for those who are new to the game. In this article, we will provide a comprehensive guide to understanding stock market investing, including the basics of stocks, how to choose stocks to invest in, and strategies for managing your portfolio.

The recent news regarding interest rate hikes and the collapse of major banks may seem concerning to some investors. It is important however, to keep in mind that short-term fluctuations in the market do not necessarily reflect the long-term growth and productivity of the economy. In fact, long-term investing has historically provided favourable returns and has several benefits that can help you achieve your financial goals.

Even though Fringe Benefits Tax (FBT) is designed to capture benefits enjoyed by an employee, it is levied on the employer. Unless your employment agreement allows for any FBT that becomes payable to be recouped from the employee, the employer will have no recourse for reimbursement.

So, why should an employer lodge an FBT return where no FBT is payable? Well, for the simple reason that it turns on a three-year deadline for the ATO to commence audit activities.