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Advisory

Year End Tax Planning for Businesses 2022-23

With the end of the financial year for 2022-23 fast approaching, there are many tax planning strategies business owners should consider and have in place before 30 June 2023.

Now is the time to review your tax affairs (if you haven't already) to ensure you have taken advantage of relief available to you, addressed items that need to be completed and considered your planning opportunities.

Our team have prepared a handy year end tax planning guide for businesses, now available for you to download.

ASIC clamps down on ‘non-lodging’ proprietary companies to confirm their status

The Australian Securities and Investments Commission (ASIC) are targeting proprietary companies that have not lodged financial statements for FY 2016.

Over the past fortnight, there has been an increase in activity by ASIC in targeting large proprietary companies and foreign controlled small proprietaries that are not lodging financial statements. ASIC is requesting said companies confirm their ‘non-lodgement’ status or lodge the ‘outstanding’ financial statements.
 

Autumn Home Shopping

Finding the perfect property isn’t always easy, and as the colder months approach, the number of homes available for purchase starts to subside. The reduction in house stock can swing the pendulum to favour the seller as buyers fight for the smaller number of properties.

Claiming depreciation on investment property

Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilised, is claiming depreciation as a tax deduction.

Property expenses, such as depreciation and capital works expenditure, can be deducted over a number years, adding to a significant return for property investors come tax time.
 

Swimming with the Sharks - Insights and analysis from season two of Shark Tank

Channel Ten’s Shark Tank was back for a second season, aired between 8 May and 7 July 2016, and featured budding entrepreneurs pitching their business ideas to venture capital investors (the ‘Sharks’). Moore Stephens’ Victorian Corporate Advisory Team took this opportunity to once again swim with the Sharks and gain an insight into the minds of both entrepreneur and investor.

Revisiting super basics for employers

For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business.

However, those who fail to meet their super obligations risk facing severe and even damaging liabilities.
Employers who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee's wages. If an employee is under the age of 18 or is a private or domestic worker, they must work for more than 30 hours per week to qualify. The minimum an employer must pay is called the super guarantee (SG)

What’s next for the $20k write off

The small business $20,000 depreciating asset write-off was announced as part of the 2016 Federal Budget and was passed by the Senate in June 2015. Now that many small business owners are turning their minds to their 2015 Income Tax Returns what does this mean for you?