We are pleased to supply you with the latest edition of our Client Alert, which contains information on a number of important taxation developments:
- Tax Savings for the Taking! For You – It’s that time of year when we all look at what last minute things we can do to maximise tax savings.
- Tax Savings For Your Business – From 1 July 2023 until 30 June 2024, small businesses with an aggregated turnover below $10m will be able to immediately deduct assets costing less than $20,000 in the year of purchase using the instant asset write off. For other businesses, assets will be depreciated using the general depreciation rules over time.
- Super Savings & Strategies – You can make up to $27,500 in concessional contributions each year assuming your super balance has not reached its limit. If the contributions made by your employer or under a salary sacrifice agreement have not reached this $27,500 limit, you can make a personal contribution and claim a tax deduction for the contribution. It’s a great way to top up your super and reduce your tax.
Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.
Yours sincerely,
The Team at PHA