2023 Year End Game Plan

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2023 Year End Game Plan

Our 2023 Year End GamePlan ensures you will meet all your tax obligations and can work strategically towards reducing your tax, plan your tax and manage your cash flow better. Between now and June 30 there are many things for business owners that must be prepared in a specific order. Our 2023 Year End Gameplan services are tax deductible.

With the Federal Budget in May 2023 we expect more tax and superannuation changes and the usual pre-30 June tax planning opportunities to save tax.

We want to help you with our expert tax and accounting advice to navigate all of these complex changes and make the lead up to 30 June as smooth as possible for you.

Here is the order of the key tax planning services we recommend for you over the coming months, in addition to a cost guide on our services.

 2023 Year End Game Plan    

  1. Discretionary (Family) Trust Distributions
  2. Tax Planning
  3. FBT Return
  4. PCG 2021/4 Professional Firm Profit (where applicable)



DISCRETIONARY (FAMILY) TRUST DISTRIBUTIONS

REDUCING YOUR TAX + PLANNING FOR YOUR TAX PAYMENTS


FBT – REDUCE ATO AUDIT PERIOD + FINALISING YOUR 2023 STP INFORMATION



PCG 2021/4 – PROFESSIONAL FIRM PROFIT



PLAN OF WORK AND PRICE

DATE ACTION  WHY IS THIS NEEDED? (BENEFIT TO YOU) PRICE ESTIMATE EX GST
April 2023 Trust Deed Review Understand if your Trust Deed needs to be varied before 30 June 2023 to exclude specific beneficiaries who could try to take over your Trust NIL for Review, price to be quoted for variation
April 2023 2023 Fringe Benefits Tax (FBT) Return preparation + lodgement

- FBT ATO audit period restricted to 3 years

- STP Reportable Benefits for employees

$500 - $2,000
May 2023 Professional Services PCG - Annual review of your profit allocation and document your assessment with a grading under the PCG 2021/4 guidelines.   $1,000

May + June 2023

2023 Tax Planning review + Federal Election update

- Reduce your 2023 tax

- Understand your key pre-30 June 2023 year end business actions
$750 - $2,000
June 2023 2023 Trust Distribution Resolution preparation + Beneficiary Payment Instructions - Ensure your Trust is not taxed at 47% on its profits $350 per Trust
Additional $250 for Beneficiary Payment Instructions


IF APPLICABLE

Section 100A Trust Distribution Advice Report


- Outline the impact of the s100A guidelines which changes the way profits from a Discretionary Trust (also known as a Family Trust) can be allocated.


From $500
July 2023 18 month Tax Flow Projection Know when your tax is payable $350

Next Steps

Drop us an email or call us on 03 5911 7000 to book in your 2023 Year-End Game Plan.


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