Below are the key tax planning for FY 2022- 2023

• Temporary full expensing: Businesses with an aggregated turnover of less than $5
billion can immediately deduct the business portion of the cost of eligible new
depreciating assets. For a business with an aggregated turnover of less than $ 50
million, temporary full expensing (TFE) also applies to the business portion of
eligible second- hand depreciating assets. TFE is ending on 30 June 2023.

• Deductible Super Contributions: The Concessional superannuation cap for FY 2023
is $ 27,500 for all individuals. Please do not go over this limit or you need to pay
more tax. Please also note that employer super guarantee contributions are included in
these caps.

• Motor Vehicle Logbook: Keep an accurate and complete MV logbook for at least a
12-week period. The start date for the 12- week period must be or before 30 June
2023. Make sure have you have kept all receipts/ invoices for motor vehicles
expenses. An alternative (with no logbook needed) is to simply claim up to 5,000
business kilometres (based on a reasonable estimate) using cents per km method.

• Investment Property Depreciation: Arrange the preparation of a property depreciation
report to claim the maximum amount of deprecation and building write- off deduction
on rental property

• Write -off Bad Debts: Review the trade debtors and write- off all bad debts before 30
June 2023. Prepare a management meeting document listing each bad debt, as
evidence that these amounts were written off prior to year- end and enter these into
accounting system before 30 June 2023.

• Small Business Concessions – Prepayments: “Small Business Concession” taxpayers
can make prepayments (upto 12 months) on expenses (e.g loan interest, rent,
subscriptions) before 30 June 2023 and obtain a full tax deduction in the 2023
financial year.

• Trustee Resolutions: Make sure that Trustee resolutions are prepared and signed
before 30 June 2023 for all discretionary (“Family”) Trusts.

• Div 7A: Private Company’s Business owner who have borrowed the funds from their
company in previous years must ensure that the appropriate principal and interest
repayments are made by 30 June 2023. Current year loans must be either paid back in
full or have a loan agreement entered in before the company return or risk having it
counted as an unfranked dividend in the return of the individual.