As the end of financial year draws near, it is time to review your taxation and business position
Tax planning prior to the end of June can allow you to lower your tax liability by optimising deductions and deferrals, which in turn can free up cash flow for business growth or debt reduction.
Simultaneously it is a great opportunity to anticipate where your business is heading in the next 12-18 months. With increased interest rates and costs for products it is important to make sure your business has adequate working capital moving forward.
As part of your business planning it is also relevant to review your structure (sole trader, company, Trust, etc) to ensure that it is still the most appropriate structure for your business needs moving forward.
2024 tax planning considerations
- Stage 3 tax cuts Bill passed by Senate »
- Got your farm tax planning in hand?
- Catching up on your concessional contributions »
Increase to instant asset write-off amount and eligibility
The amendments, passed by the Senate in March, include raising the instant write-off threshold from $20,000 to $30,000 and including businesses with an aggregated turnover of less than $50 million becoming eligible for write-offs, as opposed to the current limit of $10 million. The Bill will become law once it receives Royal Assent. We’ll keep you posted.
Due dates for employee super payments
Whilst employers are generally aware of how and when to make superannuation payments into employees’ funds, make sure you allow a little more time coming up to the EOFY deadline. Always check with your Carrick Aland payroll specialist for expert guidance. Quarterly payment due dates for super payments »
What’s next?
By working with Carrick Aland’s tax professionals, you can develop a comprehensive tax strategy that helps you achieve your financial goals and grow your business. To book a detailed analysis of your tax position well ahead of 30 June, call our tax team in Dalby, Toowoomba or Chinchilla on 07 4669 9800.
