Making your New (Financial) Year’s Resolutions!

Making your New (Financial) Year’s Resolutions!

As we tick over the final day of the financial year, let’s look towards the 2022-2023 financial year and what steps you can take to make it better than last!

  • Single Touch Payroll – make sure you’re ready to go for Phase 2
  • Superannuation – remember the rate is now 10.5% and the minimum monthly earnings base no longer applies.
  • Tech costs – whilst it never went past the budget announcement, the government may keeep their 120% deduction on eligible technology costs for the FY23 returns – so keep detailed track!
  • Training costs – same as above!  Keep good records so you can easily identify what training costs may attract the 120% deduction.
  • Stocktake – make sure you’ve made a list and checked it twice of your stock on hand today, and for good measure maybe implement a robust system going forward to reduce wastage and theft.
  • Family trusts – if you’re a great parent and going to distribute income to the kids, then keep a good track of all the expenses and cash you give them for the Fy23 distribution!
  • Pay super on time – the ATO has the great ability to know if you’re up to date, so to avoid the super guarantee charge make sure you get them in.
  • Lodge BAS – even if late, it’s usually best to lodge it on time to avoid any of the nasty positions the ATO can take on non-lodgements, including defaults and penalties.

To all of our clients, we hope you have a great 12 month’s ahead.

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