As we approach the end of the financial year, it’s time to start thinking about tax planning strategies and preparing for the new fiscal year ahead. In this ‘in the loop’, we cover the key areas to focus on in the lead up to tax time. Watch below!

To make sure you’re kept in the loop, watch our short video [with transcript below].

 

 

transcript

In this ‘in the loop’, it’s all about gearing up for end of financial year.

 

1. FY24 tax planning strategies

Of course, 30 June is the end of the tax year, so it’s time to be thinking about your FY24 tax planning strategies. As Kerry Packer always said, “there’s nothing wrong with tax minimisation.” So start to think about what your tax liabilities are looking like and whether there’s anything you can do about it.

 

2. payments before 30 June

Key to tax time is thinking about payments that need to be made before 30 June. Have you got any super contributions that you want to make? Do you need to contribute some money back into your company to reduce your Division 7A Shareholder Loan Repayments? Of course, you need to think about trust distribution minutes, all those types of things. And you might even be able to vary some of those PAYG instalments when you go to do your June BAS.

 

3. Fringe Benefits Tax [FBT] return

Of course, speaking of tax, 31 March has just passed and that’s the end of the tax year for Fringe Benefits Tax returns. Maybe your logbook needs to be updated, remembering that they get out of date every five years.

 

4. new tax rates

Of course, we’ve got new tax rates kicking in from 1 July 2024. You’ll see that some rates have gone up, some rates have gone down, some thresholds have gone down, some thresholds have gone up. But keep an eye out for any other changes in tax rates that may be announced within the federal budget on the 14th of May. We’re not expecting any fundamental or philosophical changes in tax strategy, but you never know, there might be something exciting coming out of that.

 

5. a future made in Australia

One thing I am looking for in this budget is more information on the ‘Future Made in Australia’ strategy or policy that was announced earlier in the year. So keep an eye out for our top takeaways from the federal budget. That’ll be out early morning on the 15th of May.

 

6. what’s your budget?

Speaking of budgets and a financial year around the corner, it’s time to think about your own budgets as well. What’s your strategy for next year look like? What’s your financial budget look like? And the key thing we’re talking to a lot of people about is their pricing strategy. Start thinking about pricing strategy now. Maybe you’ll implement it from 1 July. With inflation still pretty high, especially within the services sector don’t let price increases get away from you and make sure you’re ready to go from 1 July. As with any budget, it’s the steps that matter in the budget to achieve your strategy that are the most important thing.

So, with the end of financial year around the corner, I hope that’s helped gear you up and keep you ‘in the loop’. As we approach the end of financial year, keep an eye out for the Top Tax Tactics ebook for business owners and for real estate business owners. You can also subscribe to stay in the loop with these updates via the website and of course you’ll also see on there our Top takeaways from Federal Budget 2024.

 

we’re here to help

If you have a burning question on your mind, you’re probably not alone! If you’d like us to answer any questions you might have, feel free to reach out to John Knight or give us a buzz at 1300 BDEPOT.

 

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