Important things to consider before end of financial year

IMPORTANT THINGS TO CONSIDER BEFORE END OF FINANCIAL YEAR

  • Have you still to purchase Assets before 30th June 2023 deadline?… If you are anticipating the purchase or use of a new asset before the 30th June 2023 cut off…Time IS Running out! These are business incentives that expire that were introduced in recent years that will no longer apply after this date. The Temporary Full Expensing, Increased Instant Asset write-off and Backing Business investment incentives will no longer apply after 30th June 2023. Each of these initiatives has special requirements, contact our office for further information.
  • Working from home requirements have changed! There is a new rate that will apply for the 2023 financial year and a requirement to have a Documented diary of hours incurred working from home, from March 2023! Contact this office for more information.
  • Reviewed your Superannuation this year? If you are wanting to top-up your superannuation contributions this year to the annual limit, your letter of intent, acceptance from the fund and the deposit of funds must be actioned before the 30th June 2023 to receive a tax deduction for your personal contributions. Contact this office for specific advice to your requirements.