THE ESSENTIAL 30 JUNE GUIDE ....
The end of the financial year is fast approaching! We've outlined the key areas under Australian Taxation Office scrutiny and highlighted opportunities to maximize your deductions.
Highlights from this month’s issue…..
Individuals: Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24.
Businesses: Explore a series of bonus deductions available to small businesses in 2023-24, including the instant asset write-off, energy incentive, and the skills and training boost.
ATO Warning: The ATO is closely monitoring how trusts distribute income. Ensure your trust distributions comply with the latest regulations to avoid scrutiny.
Mortgage Payment Struggles: New nationwide research from ASIC’s Moneysmart reveals that 47% of Australian adults with debt, equivalent to 5.8 million people, have struggled to make repayments in the last 12 months.
Stay informed and make the most of your financial opportunities as the year ends!
