2023 Year End Tax Tips-by Julius Mather Director Tax Compliance.

1. Temporary full expensingMake sure assets are received or completed prior to 30 June 2023 to access this deduction
2. Company loss carry-back30 June 2023 is the last year for claiming the company loss carry-back. Consider bringing losses forward to 30 June 2023 where possible to access this concession
3. Tax cashflow planningForecast forward for future tax payments and reduce PAYG instalments where profits are declining
4. Trust distributionsConsider risk profile and ATO ‘green zone’ examples in relation to making trust distributions within a family group
5. Personal service incomeReview personal service income distributions within group in line with ATO guidance and ‘green zone’ examples
6. Research and developmentEnsure R&D claims are properly documented
7. Private company loan complianceMake sure minimum repayments are made
8. 20% additional deduction for digital and training expenditureConsider which expenses may be eligible for the additional 20% deduction (when enacted)
9. Employee packaging for electric carsConsider offering employees electric vehicles as part of their remuneration packages
10. Debt deductions and offshore fundingConsider proposed interest deductibility rules due to commence from 1 July 2023 where borrowings are used to funding overseas activities

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