Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.
This month we look at:
- Maximising cashflow: The predicted slowing of the economy in 2023-24 along with the pay-day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one of the biggest difficulties faced by business. There are some simple steps you can employ, in consultation with your tax agent to maximise your cashflow moving forward.
- Side-hustles: With the cost of living skyrocketing, have you taken up a side-hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to declare to their tax agent if they are engaged in a side-hustle.
- Super pensions and the senior’s health card: Are you a self-funded retiree who does not qualify for the Age Pension? If you’ve answered yes, then help may be available for certain living expenses by way of the Commonwealth Senior’s Health Card. But how does your super pension impact your health card eligibility?
- Tax time focus areas: With the end of the financial year on our doorstep, the ATO has announced that it will focus on the following areas this Tax Time – capital gains, work-related expenses, and rental property deductions. In view of this, what are the record-keeping requirements in these areas?
- What type of super funds can you contribute to?: There are five types of super funds you can contribute to. This article provides a brief summary of those types and highlights the differences between each.
- Final days of generous depreciation: Temporary full expensing (TFE) ceases from 1 July. From that date, less generous depreciation rules will come on stream. What do you need to do to in order to take advantage of the final days of TFE?
Click here to read the Rose Partners June 2023 Newsletter.
If you would like to discuss anything raised in the newsletter, please contact our Team
