June 2023 – Maximising cashflow, Side-hustles, Tax time focus areas and more…..

With the end of the financial year looming, the ATO has announced its three key focus areas for Tax Time 2023 – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, we inform readers of the type of records that the ATO will be looking for in the event that your claim is reviewed or audited. In particular, the new rules around work-from-home deductions require attention to detail when substantiating your claim.  
With the total superannuation sector worth more than $3.5 trillion at the end of March 2023, superannuation is serious business. There are many types of superannuation funds available but sometimes having too many to choose from can be confusing. However, picking the right super fund is important as it could impact how much you may have to retire on in the future. This piece provides a brief summary of the five main types of funds and highlights the difference between each fund.  
Meanwhile, it was confirmed in the federal budget that June is the final month for your business to take advantage of Temporary Full Expensing (TFE) on depreciating assets…but get in before 1 July! From that date forward, the write-off threshold will revert to $20,000 for small businesses (aggregated annual turnover of less than $10 million) and $1,000 for larger businesses. Most business assets are eligible, including machinery, tools, furniture, business equipment etc. 

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