By Tina Zawila
That title may sound crazy, but can you believe it’s almost Easter already?
And that means 30 June isn’t all that far away. So what does that mean for you?
1. Have you completed and lodged your 2023 income tax return?
If not, it’s time to get cracking. At best, you may be able to take advantage of a tax agent’s extension of time to lodge to 15th May 2024. However, at worst, your return may already be overdue, and penalties and interest may be accruing. If you are due a refund, why are you leaving it in the ATO’s bank account? Don’t leave it until 14th May to contact your tax agent and expect them to be able to prepare and lodge your return in a day.
2. Have you thought about any tax planning strategies to be undertaken before the clock strikes midnight on 30 June 2024?
The time to think about your 2024 tax position is well before 30 June. It is possible to legally minimise your tax, but often you need time to implement the strategies. Even if you “work for wages” there are things you can do to minimise tax and/or maximise your refund. Tax planning is not just for the big end of town. A qualified and experienced tax agent can provide advice and help you identify strategies to suit you. Again, don’t leave it until the last minute and expect a miracle.
3. What changes are in store from 1st July 2024?
In a previous article I discussed the stage 3 tax cuts that will come into effect from 1 July 2024. It is estimated that 13.6 million taxpayers will pay less tax from 1 July, so most of us will be a little better off. Have you thought about what you might do with the extra dollars in your pay packet? It might go towards the mortgage or household bills, or maybe you might want to consider investing or adding to your superannuation.
Speaking of superannuation, there are some changes happening from 1 July 2024 including:- an increase in the SGC rate to 11.5% (up from 11%)- an increase in the concessional contributions cap to $30,000 (up from $27,500)- an increase in the non-concessional contributions cap to $120,000 (up from $110,000)
It really does pay to engage the services of a qualified accountant, tax agent and financial planner to help manage and organise your taxation and financial affairs to ensure you are minimising tax and maximising your wealth. Don’t delay, make a call today.
The professional team at UHY Haines Norton is here to help you with all of your financial needs. We are a one-stop financial shop, call us on 07 4972 1300.