Email Us: peter@penrithbookkeeping.com.au

Tax Time

With 30 June fast approaching there are a number of things to think about? Speak to your tax accountant for the details

1) We should not spend money just because we get a tax deduction.
2) The very generous instant asset write off for small business is being reduced after 30 June 2023.
3) Superannuation salary sacrificing and employer contributions are taxed concessionally at 15% as they enter the Superfund but give a full deduction at the taxpayers marginal tax rate. As this is quite a good tax advantage there are limits to how much a taxpayer can contribute this way. The combined salary sacrifice and employer (concessional) contributions are capped at $27,500 per year. If the taxpayer has not been using the full amount of their deduction some of this is carried forward. This carried forward amount can be located under myGov in the Australian Taxation portal where the taxpayers individual carried forward amount is shown.
4) Donations are a good way of helping others and getting a tax deduction.

Happy End of Financial Year 

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