Effective planning and preparation is critical for you and your business as the end of financial year approaches.

Our Year-End Strategies newsletter addresses a number of topics relating to 2023/24 tax savings and end of year business planning. Some of the topics we cover are legal considerations for the new year, an end of year guide for super, end of financial year checklist, year-end business record keeping, plus more.

In this issue:

Legal considerations to take into the new year
With numerous legislative updates impacting businesses this year and extending into the next few, it’s crucial to understand what you need to know to stay compliant and informed.

Your end of financial year checklist
As the end of the financial year approaches, businesses need to review their financial affairs and ensure compliance with regulatory requirements.

Know your super: a critical guide to the EOFY
Critical super updates including national employment standards update, changes to caps (concessional & non-concessional), carrying forward & bringing forward contributions rules changes, plus more.

Streamlining year-end business record-keeping: a vital guide
As the year draws to a close, the significance of meticulous record-keeping cannot be overstated. It serves as the backbone of your year-end procedures, facilitating tax compliance, cash flow management, and informed decision-making for the future of your enterprise.

Increase to super guarantee from 1 July 2024
In recent years, the superannuation guarantee (SG) has gradually increased by a set percentage. This increment is part of a continuous rise toward reaching 12% gradually, predicted to be achieved by 2025.

Maximising tax efficiency: strategic considerations by 30 June
As the tax year approaches its close on 30 June 2024, individuals are presented with an opportune moment to manage their finances and optimise their tax obligations strategically.

Stage 3 tax cuts come into effect 1 July 2024
With the amended “Stage 3” tax cuts scheduled to commence on 1 July 2024, it’s crucial to bear in mind the revised tax brackets and thresholds during the tax planning process for this year as well.