The Countdown to 30 June – Items to Prioritise

Ahead of 30 June 2023, it is important that certain items are prioritised to ensure that you or your business is prepared for a smooth tax time for the 2022-2023 financial year.

Trusts 

1. If you are a trustee, it is important that you make a declaration to determine which beneficiaries will receive the income of the trust prior to 30 June 2022.  If you are a client of The Macro Group, you either have received a declaration form already from us to sign or will receive this form shortly.

Personal Super 

2. If you would like to make an additional superannuation contribution, this will need to be deposited into the superannuation fund before 30 June 2023.  If you have an industry/retail fund, this can take a few days to clear, so please proceed without delay.
3. If your superannuation balance is less than $500,000, then you may be able to make ‘catch-up’ deductible contributions into your superannuation fund prior to 30 June 2023.

Business 

4. If your business needs to invest in capital equipment, the business may be eligible to fully expense any capital items acquired and received prior to 30 June 2023. The ability to fully expense capital items will be restricted to purchases of less than $20,000 after 30 June 2023.
5. Do not forget to undertake your stocktake and write off any obsolete items.

Employers 

6. If you employ staff and would like to bring forward your deduction for this quarter’s employer superannuation contribution, the payment will need to be paid before 30 June 2023. The current super guarantee is 10.5%. This will be rising to 11% for wage payments which occur on or after 1 July 2023.

Self-Managed Superannuation Funds 

7. If you have a Self-Managed Superannuation Fund and receive a pension or income stream, you will need to ensure you have met your minimum drawdown payments by 30 June 2023.

Prepayments 

8. If you pre-pay interest, rent or other items, please ensure these payments are made before 30 June 2023.

 

Please call or click to discuss with a Macro Group Team Member if you would like further information.

The Macro Group Team

 

Date: 13/06/2023
 
The Macro Group Limited AFSL:485843 Tax Agent Number 24 76 5236.

The information in this article  contains general information only. We have not taken into consideration any of your personal objectives, financial situation or needs. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs, and seek appropriate professional advice if you think you need it. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.