The number one tax strategy to minimise tax, whether you are an individual or business is by making super contributions by 30 June. However, it is easy to miss out on a tax deduction if you don’t know the rules. Here is what you need to know to make sure you don’t miss out:

Coming into the end of a financial year is always a reminder to take a look at what is recent and needs consideration for the current year and what is on the horizon for the next year. Here is a snapshot of what’s new in 2022 and what’s coming for 2023 for individuals, companies, superannuation and trusts:

The number one question we get asked is “what business costs are tax deductible?” The simple answer is – money spent on costs to run your business, that are not capital (for example, land buildings, plant and equipment) or personal are tax deductible. But it is not that simple. Australia has over 6,000 pages of tax legislation! Here, in 2,000 words is our very brief summary of tax deductible business expenses.

Do you employ contractors or contract your services as a freelancer to other businesses? Some situations require superannuation payments. And it’s a question I’ve been asked for years from both sides of the fence. But what are the cases when this is required and why? That’s what I talk about in this video. I also talk about several examples and what we’ve done, both for contractors to recoup super owed and businesses to do the right thing by their contractors and stay ATO audit compliant. Plus where to get the right information if you’re unsure about it.