Personal Tax Tips
News, Tax & Accounting, Uncategorized

2023 Personal Tax Checklist

With the 2023 Tax season fast approaching, we’ve pulled together 7 tax considerations to pop on your Personal Tax Checklist.

7 Tax Considerations for your 2023 Personal Tax Return

  1. Consider pre-paying any interest on investment loans up to 12 months.
  2. Consider pre-paying any costs associated with Investments. Eg. Rental Property – Rates, Insurance etc.
  3. Ensure you have kept receipts for all costs associated with your investments or work related claims.
  4. Consider making a personal deductible superannuation contribution. The cap for the year is $27,500 and you should check what has currently been received and is expected to be received by your fund before deciding an amount as if you go over your cap there can be significant penalties.
    *There is also now rolling unused cap balances – if you have made a significant taxable capital gain or would like to boost your superannuation balance this measure can assist you. However, it is important to gather information to ensure you don’t exceed the maximum cap available to you.
  5. New work from home record keeping requirements for 2023 FY
  6. Ensure your car logbook is up to date to enable choice of claim methods.
  7. If you have invested in Cryptocurrencies consider using a crypto tax calculator such as Koinly or Crypto Tax Calculator to prepare an Australian tax report for 2023 financial year. (The cost of the report will also be tax deductible in the year that you pay for it.)

We’re here to help!

If you’d like to learn more about how we can assist you this tax time, please visit our Personal Tax or Business Accounting and Tax page.

And don’t forget to download our complete 2023 Tax Planning Checklist to hear what else you should be considering for your Business Tax Return, or if you have a Trust.

 

Recent Posts

Your Guide to Tax Planning

Tax planning plays a vital role in both personal and business finance, yet it is often neglected until tax season approaches. However, understanding and implementing effective tax planning strategies can make a significant difference in your financial well-being. In this guide, we’ll explore what tax planning entails, why it’s essential, and when you can leverage it to your advantage.

How To Increase And Maintain Cashflow In Your Business

In this blog post, we’ll explore strategies to enhance your business cashflow, systemise your accounts, and make informed decisions with confidence. Let’s dive in!

How to Prepare for Seasonal Highs & Lows in Your Business

Every business experiences seasonal fluctuations, whether it’s a retail store gearing up for the holiday rush or a tourism business facing off-season slowdowns. Without proper planning, these shifts can lead to cash flow crunches that put unnecessary stress on your business. Here’s how you can prepare for seasonal highs and lows and keep your cash flow steady year-round.

Guide: 5 Hidden Cash Flow Traps & How to Avoid Them

Managing cash flow is crucial for every business, yet many entrepreneurs and business owners often overlook key areas that can cause financial strain. Cash flow issues can sneak up on you, making it hard to cover daily expenses, pay employees, or invest in growth. Here’s your ultimate guide to spotting and avoiding five common cash flow traps that might be draining your business without you realising it.