Effective planning and preparation is critical for all taxpayers as the end of financial year approaches.

Our End of Year Update 2022 newsletter addresses a number of topics relating to 2021/22 tax savings and end of year business planning. Some of the topics we cover are FBT, COVID-19 deductions, essential business records, superannuation strategies, property rental tax deductions, trust planning and the 2022 EOFY checklist.

In this issue:

FBT for your business 
As businesses and employers navigate through another year of the pandemic, it’s important to be aware that providing employees with perks and benefits may attract Fringe Benefits Tax (FBT).

Why end of year planning is so important 
Businesses with a formal business plan perform far better than those that don’t, and with good reason. If you know where you want to get to you, there is far more chance of getting there.

Last chance to apply as COVID-19 deduction deadlines approach 
Tax deductions introduced by the Australian Taxation Office to lessen the impact of COVID-19 are approaching the end of their eligible timeframe. To ensure that you or your business do not miss out, we list the deductions you could claim at the end of this financial year (if eligible).

Essential record-keeping at year-end for your business 
Good record-keeping makes it easier to meet your tax obligations, manage your cash flow and make sound business decisions going forward. We run through the essential business records that must be kept.

Trust planning for the year 
In order to prepare your trust for the end of the financial year, there are multiple obligations that you need to fulfil as a trustee. Planning for your trust’s future is just as important as tax planning or business planning, so it’s encouraged that you take an active role.

2022 End of financial year checklist 
Maximise your tax deductions for the 2021-22 financial year by conducting a thorough review of your records. But to do that, you need to know where to start. We share some of our top tips for businesses and individuals when it comes to year-end tax planning.

Superannuation strategies to employ before EOFY 
With the end of the financial year growing closer, now is the time to be thinking about the ways that you could be growing your superannuation.

Preparing for your rental property's tax deductions 
If you are a landlord, you may be looking for ways to reduce your tax liability this year. This may assist you in turning your property’s cash flow from a negative into a positive. However, there are limitations to many of the tax deductions that may be available to you, which you need to be aware of.