Personal Tax Tips
News, Tax & Accounting, Uncategorized

2023 Personal Tax Checklist

By

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

A cashflow forecasting tool for small businesses
Why Your Small Business Should Use Swell: A Cashflow Forecasting Tool

In the world of small business, keeping up with the latest data trends and maintaining a healthy cash flow can be quite demanding. This is where Lemonade Beach’s Cashflow Forecasting program, “Swell” steps in – a real time financial tracking and management tool that serves as your financial consultant and advisor.

Swell cashflow forecasting tool - levels
Three Swell Levels to Transform Your Business: Snapper, Bells, and Mavericks

In this blog post, we delve into the three levels of our Swell Cashflow Forecasting tool: Snapper, Bells, and Mavericks. Each one is designed to address the specific needs of businesses at different phases of their journey.

Tax Planning Guide
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.

Balancing Cashflow and Profitability for Business Success

Distinguishing between cashflow and profit is crucial for managing a successful business. Both serve distinct financial purposes and understanding their differences is essential. Profit, also known as net income, is the outcome of subtracting expenses from revenue, while cashflow reflects the movement of cash in and out of a business. Positive cashflow indicates more money coming in, whereas negative cashflow indicates more money going out.