2022 Year End Tax Planning Guide

As we approach the end of the 2022 financial year, tax planning has never been more important.

Our 2022 End of Year Tax Planning Guide highlights some tax planning opportunities you can take advantage of if you act quickly. We encourage you to schedule a meeting with us as soon as possible to assess your tax planning options.

If you would like to book your tax planning session, please CLICK HERE.

To ensure you are prepared for the new financial year, we’ve outlined below some of the changes and key issues you need to be aware of:  

Key Date   Actions
Pre 30 June 2022
  • Consider and implement tax planning strategies to minimise your tax prior to 30 June.
  • Trustee resolutions for the distribution of Income from discretionary trusts must be made (refer below).

14 July 2022 (on or before)

  • Single Touch Payroll (STP) – finalisation declaration due.

    Once the finalisation declaration has been made, your employees’ information will display as ‘Tax Ready’ on myGov.  PAYG Payment Summaries do not have to be provided to your staff.

28 August 2022 (on or before)

  • Taxable Payments Annual Report (TPAR) of payments made to contactors in the building & construction, cleaning, courier, information technology & security industries between 1 July 2021 – 30 June 2022 due.

We are available to help you achieve the best result for your business and yourself. Accordingly, we recommend that you have a tax planning review with our team based on your personal circumstances before 30 June. The potential tax savings generally far outweigh the costs.

Please do not hesitate to get in touch if you would like to discuss your tax planning opportunities.