Year-End Tax Planning Tips

April 5, 2024

Now is a great time to work with your Oreon Partners advisor on some tax planning before 30 June 2024.

Here are some things to consider. There may also be some legislation changes in the Federal Budget announcement on 14 May – watch out for our Budget update email on this!

Businesses

• Invest in new business equipment to take advantage of the immediate write-off rules ($20,000 for businesses with a turnover of less than $10m).
• Consider deferral/timing strategies such as deposits by customers, pre-paying expenses, and paying any employee bonuses and entitlements by 30 June (if applicable).
• Review debtors and write off any bad debts before 30 June.
• Assess inventory and identify any damaged or obsolete stock to be written off.

Trusts

• Once your March 2024 BAS is completed, review the results for the year to date and estimate profit for the year, so you can do your trust distribution minutes.
• Consider Div 100A when allocating profit to adult beneficiaries and the use of companies.

Individuals

• Review and collate all your work-related expenses. Contact us to confirm what expenses you may be eligible to claim.
• Lodge your Notice of Intent to Claim a Tax Deduction form with your super fund if you made, or will make, a personal super contribution.
• If you have any rental properties, review your cash flow and consider prepaying any expenses for the year.

These are only a few of the strategies to consider to improve your tax position before the end of the financial year. Please speak to your Oreon adviser to discuss these and other strategies that could be relevant to you.