As we approach the end of the financial year, it's essential for you to be aware of the tax matters that could impact your financial decisions. Here are some key tax considerations to keep in mind before 30 June:

• Capital Gains Tax (CGT): Review your asset portfolio for any potential capital gains or losses, as these can significantly affect your tax liability. It's important to understand the CGT implications of selling assets and to plan any disposals strategically.
• Negative Gearing: Property investors should review their investment properties' income and expenses. Negative gearing can provide tax benefits, but it's crucial to ensure that it aligns with your long-term investment strategy.
• Small Business Concessions: There are various tax concessions available for small businesses, including immediate asset write-offs, simplified trading stock rules, and concessions for restructures. Make sure you're taking advantage of all the concessions you're entitled to
• Superannuation: Consider making additional contributions to your superannuation to reduce your taxable income. However, be mindful of the contribution caps to avoid excess contributions tax.
• Trust Distributions: If you operate through a discretionary trust, ensure that the trust's income is distributed to beneficiaries in a tax-effective manner before the end of the financial year.
• Pre-Payment of Expenses: Pre-paying certain expenses, such as interest on investment loans, can allow you to bring forward tax deductions to the current financial year.
• GST Compliance: Ensure that your business's GST records are accurate and up-to-date. This includes reviewing your Business Activity Statements and ensuring you're claiming all GST credits you're entitled to.
• ATO Debts: If you have any outstanding debts with the Australian Taxation Office, consider setting up a payment plan or paying off the debt before 30 June to avoid accruing additional interest or penalties

Remember, these are just a few of the tax matters to consider, and it's important to seek professional advice tailored to your specific circumstances. For expert guidance and support with your tax planning before 30 June, reach out to WSC Group. We're here to help you navigate the complexities of tax law and ensure you're in the best possible position for the new financial year. If you're not already a client, we invite you to join us and experience the difference our expertise can make.

Don't let tax time be a source of stress. Contact WSC Group today, and let's work together to achieve your financial goals. Make the smart move before the financial year ends!