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.

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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.

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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

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