Tax Planning 2023

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.

During this high inflation and higher interest rate period, tax savings can go a long way towards securing the long term viability of your business and/or contributing to the well being of your family.

The key tax planning priorities for businesses this year are likely to revolve around:

  • Bringing forward deductible expenses and deferring taxable income
  • Temporary full expensing of plant and equipment acquisitions
  • Maximising superannuation contributions without exceeding the relevant caps
  • Using a “bucket company” to cap your tax at 25%
  • Paying franked dividends from your “bucket company” potentially to recover tax paid in prior years.
  • Farm management deposits (for primary producers)
  • Business restructuring
  • Trustee resolutions in relation to 30 June 2023 profit distributions  

Salary and wage earners will on the other hand be more concerned with the vast array of superannuation concessions available to all income earners including:

  • Tax deductible super contributions
  • Carried forward super contributions
  • Government co-contribution
  • Spouse contribution tax offset
  • Downsizer contribution
  • Super splitting between spouses
  • Contribution and redraw strategy
  • Establishing a Self Managed Superannuation Fund

 We have attached Business and Personal Tax Planning Guides to inform you of some of the tax planning opportunities available prior to the 30 June DEADLINE. Please click on the links below the view the guides.


Next Steps

If you are a business client on a Fixed Price Agreement (FPA), that includes our tax planning service, we will be in touch in the near future to obtain the necessary information to project your business profit, consider various tax planning strategies and scenarios, before meeting with you to discuss the recommendations contained in your comprehensive 2022/23 Tax Plan.

If you are a business client not yet on a FPA, an individual tax return client or a prospective client, please contact our Manjimup office on 97771909 or our Pemberton office on 97761909 as soon as possible, to arrange an appointment to discuss your tax planning requirements, so that you can take the necessary steps to reduce your tax before the 30 June DEADLINE.