By making personal contributions to your super, you may be able to claim a tax deduction to reduce your tax liability which may allow you to pay less tax and invest more in super. If you have not fully used your concessional contribution cap in previous years, now might be the time to make a larger personal deductible super contribution.
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.
Our team is available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. We’ll keep you up to date as the detail of these measures comes to hand.
It’s important to have an understanding of the rules around purchasing business vehicles and their deductibility before signing the dotted line, especially on the higher model vehicles.
Small Business Superannuation Clearing House users – want to claim a deduction for super contributions? Your super payments must be accepted by 23 June 2020.
If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.
Reminder about potential FBT implications for celebrating with employees this festive season. FBT obligations depend on the amount spent, when and where a party takes place, who attends and the value and type of gifts given.
Are you meeting your Pay As You Go (PAYG) Withholding obligations? If you are running a business, you can no longer claim deductions for payments to employees or workers if you have not met your PAYG obligations. This applies to tax returns lodged for the 2020 year onwards
Don’t lose your tax deduction for your employee or contractor payments. Do lodge your BAS on time and lodge your STP events every time you pay wages and withhold the correct amounts from your payments to employees and subcontractors. Read why.
Superannuation is a very tax-effective vehicle to save for retirement. We outline some tips to help you maximise your super.