June Newsletter

Welcome to our June monthly newsletter!

The 2023 Federal Budget was announced last month, focussing on cost-of-living relief, and modernising our economy. There were a few tax and superannuation changes announced that will affect small business. This is the final month now to plan for the upcoming financial year and create a tax plan for this financial year that is about to end. We recommend booking this in with us to ensure you are in the best position surrounding income tax.

Monthly tax tip:

The end of the financial year is just around the corner so now is the time to complete those trust resolutions for those entities operating under a discretionary or family trust. They will need to be completed by the 30th of June to distribute profits for the 2023 financial year. A trust distribution allows a trust to distribute profits among its beneficiaries which can help to decrease a family’s overall tax liability. For example, a family with two adults and two children would be able to distribute $416 to each child, then the remaining profits split between the two parents to take advantage of individual tax rates and the tax-free thresholds for each adult. If a trust resolution is not prepared, then any profits made will be taxed at top tax rates which is 45% for the 2023 financial year.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

Important Dates!

5 June:

• Lodge 2022 tax return by this date to avoid failure to lodge on time penalties when lodgement due date is 15 May

21 June:

• Lodge and pay May 2023 monthly business/instalment activity statement

25 June:

• Lodge and pay annual FBT return for 2023 if lodging electronically

30 June:

• Superannuation contributions must be paid by this date to claim a tax deduction for the 2023 financial year
• 2022 tax return must be lodged by this date to continue receiving childcare subsidy and family tax benefit payments
• Trust distribution resolutions must be prepared and signed by this date to avoid paying top tax rates