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
- Consider pre-paying any interest on investment loans up to 12 months.
- Consider pre-paying any costs associated with Investments. Eg. Rental Property – Rates, Insurance etc.
- Ensure you have kept receipts for all costs associated with your investments or work related claims.
- 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.
- New work from home record keeping requirements for 2023 FY
- Ensure your car logbook is up to date to enable choice of claim methods.
- 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.)
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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.