The end of a financial year presents an ideal opportunity to do a final check of whether you’ve achieved your tax goals. To assist you in this process, William Buck’s tax planning guide provides comprehensive information on the best ways to approach the end of the financial year, including key policy changes and their potential impact on middle-market businesses.
Key insights
Comply with deadlines
The current imputation year for your company is 1 April 2023 to 31 March 2024.
Stay up to date on tax law changes
Key changes include the removal of the requirement for sellers to issue and retain a tax invoice for GST input tax credits.
Complete loss offsets and subvention payments
Finalising group loss offsets and subvention payments by 31 March is critical for companies incurring tax losses.
Review eligible expenses for write-offs
Reviewing your debtors, inventories and fixed assets is essential to identify expenses eligible for write-offs.
Don’t forget to review your FBT approach
Aligning your overall tax planning strategies requires a thorough review of Fringe Benefits Tax (FBT) considerations.
Write off bad debts before the balance date
Qualify for tax deductions by officially writing off bad debts from the debtor’s ledger before the balance date.
The latest resources to help you manage your end of financial year
