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Ahead of 30 June 2024, it is important that certain items are prioritised to ensure that you or your business is prepared for a smooth tax time for the 2023-2024 financial year. As Individual tax rates will be reducing in July 2024 (click here for more), it is important that you allocate expenditure to the correct period.



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 2024. 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.



2. If you would like to make an additional superannuation contribution, this will need to be deposited into the superannuation fund before 30 June 2024. 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 2024.



If you operate a private company, you may need to consider the following items before 30 June 2024.

4. Declaring any franked or unfranked Dividend by considering available assets and franking credit balance.

5. Making repayments on any Div7A loans. The interest rate for Div7A loans is 8.27% p.a (ouch!)



6. 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 2024. The purchase threshold is yet to be confirmed by Parliament but will likely be in the range of $1,000- $30,000.

7. Do not forget to undertake your stocktake and write off any obsolete items.



8. 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 2024. The current super guarantee is 11%. This will be rising to 11.5% for wage payments which occur on or after 1 July 2024.



9. 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 2024.



10. If you pre-pay interest, rent or other items, please ensure these payments are made before 30 June 2024.



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

The Macro Group Team


Date: 30/05/2024

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.


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