The end of a financial year presents an ideal opportunity to do a final check of whether you’ve achieved your tax goals and ensure that you’re complying with all relevant reporting requirements. To assist you in this process, William Buck’s tax and accounting guide provides comprehensive information on the relationship between tax planning and financial reporting, including key policy changes and their potential impact on middle-market businesses.
Your complete guide to 2023 year end tax planning and reporting
With easy-to-understand sections, our guide will enable you to achieve:
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Positive tax outcomes |
Strategically navigate year-end issues to achieve a positive tax outcome and position yourself for success in the 2023 financial year.
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Accurate financial reports |
Produce compliant and meaningful financial reports that accurately reflect your business’ performance.
Key insights
Tax planning
Temporary full expensing
For many businesses, the ability to claim an instant deduction for purchases of capital assets will cease on 30 June 2023, so its important to act now.
Loss carry-back
The 2023 financial year is the last opportunity for eligible companies to use the loss carry-back provisions introduced in the 6 October 2020 budget.
Trust distributions
Last year the ATO announced a major crackdown on the taxation of family trusts, in particular where they are used to make distributions to adult dependent children paying tax at lower rates, or company beneficiaries. Many family groups will still need to carefully consider how they are using their family trust.
Financial reporting
The Australian Securities and Investments Commission (ASIC) focus areas
Each reporting period ASIC highlights areas of focus for directors and preparers of financial reports. ASIC’s media release on its latest review of financial reports revealed that the largest number of issues were noted around asset values, and disclosures in the Operating and Financial Review (OFR).
The transition from special purpose to general purpose reporting
From 1 July 2021, for-profit entities that need to comply with Australian Accounting Standards cannot use Special Purpose Financial Statements (SPFS) for their reporting periods. Instead, they must prepare General Purpose Financial Statements (GPFS) for year-ends after 30 June 2022.
Going concern and asset valuation
Making a going concern assessment or asset valuation of your business during times of uncertainty can be problematic. You need to consider a range of different factors including the economic situation ( i.e. rising interest rates and inflation), market volatility and your unique circumstances. You may not be able to fall back on the usual assumptions made.
