End of Financial Year

 

As the end of financial year approaches, it’s a good time for to take stock of your finances and make sure they are on track to meet business goals.

The difficulty on financial markets is affecting all superannuation as well as individual and other investment clients.  With the recent increase in Australian & US interest rates and more expected, it is important that cash flow is managed carefully.

However, it is also important to have a look at your income tax position and take stock on what opportunities are available.  These include:

  • an instant asset write-off which allows some businesses to deduct the cost of certain business assets from their profit reducing the tax.
  • there is 120% deduction for certain information technology and other investments.

Please call me if you are considering any of the above and we can discuss what is most appropriate for both your income tax position and cash flow position.

Stocktake – don’t forget on 30 June 2022 look at your inventory records to ensure that you have an understanding on stock levels.

Budgeting – this is also a perfect time of the year for you to review your expectations and other outgoings, going forward.

Superannuation – please ensure that any super clearing payments are made at your earliest opportunity to ensure that they are cleared by the 30 June 2022.  In addition, on a personal basis – please note that the new maximum contribution cap is $27,500 not the previous existing $25,000 for the 2021 year

Once again, any end of financial year queries, please do not hesitate to contact me or go the website and look for any budget pointers.

Stephen Shirley

(08) 8363 5222

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Categories: Tax