This edition of our client newsletter features a run down on what taxpayers can do to maximise the benefits of the Stage 3 tax cuts that have recently been passed by Parliament.
It explores some options for shifting taxable income from this year (2023-24) to the next (2024-25) by bringing forward deductions or deferring income. While the potential gains are not huge, they are not trivial either and they represent a permanent tax saving.
On the deduction side, it is as simple as buying a depreciating asset or painting your rental property a few months earlier than you might otherwise have planned. Bear in mind, however, that bringing deductions forward involves a cash flow that you will have to fund.
Next, there is a short piece on the capital gains tax concessions that are potentially available for small business owners on the sale of their business. It’s a must read for anyone contemplating such a sale in the coming years.
We have also included an item we hope you will never need to be across, until you do. It’s about the ins and outs of briefing a barrister. Did you know that you can brief a barrister directly (ie. without engaging a solicitor)?
Not all barristers accept direct access briefs, but many do, and their costs can compare favourably with those charged by solicitors. Many of them also specialise, so you might be able to track one down who has expertise in your issue.
Finally, we have a very informative piece on super contributions in light of increases in various contributions caps that apply from 1 July 2024. The article stresses that the super rules are highly complex and anyone with some spare cash who may be looking to make additional super contributions should first get specialist advice.
We hope you will find the topics interesting and thought provoking.
Please contact us if you wish to discuss how the points raised in this newsletter specifically affect you.