The Countdown to 30 June – Top Ten Tips

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 have either received a declaration form already or will receive this 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 2022.  If you have an industry/retail fund, this can take a few days to clear, so please proceed without delay.

Business 

3. Your business may be eligible to fully expense any capital items acquired prior to 30 June 2023.
4. Consider declaring franked dividends prior to 30 June to take advantage of higher company tax rates.
5. Don’t forget to undertake your stocktake and write off any obsolete items.
6. If you are a company and incurred losses you may be able to carry these back for a refund.

Employers 

7. 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 by 30 June 2022. The current super guarantee is 10%. This will be rising to 10.5% for wage payments 1 July 2022.

Self-Managed Superannuation Funds 

8. 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 payments by 30 June 2022.

Prepayments 

9. If you pre-pay interest, rent or other items, please ensure these payments are made before 30 June 2022.

Investors 

10. If you are planning to sell property or other investments which result in a capital gain, consider signing the contract after 30 June 2022. If you are planning to sell property or investments at a loss, consider signing the contract before 30 June 2022.

 

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

The Macro Group Team

Published on 22 June 2022

 

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.