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On The Money June

On The Money June – 2023-24 Federal Budget & Tax Planning

In On The Money June, We have outlined the key parts of the 2023 – 24 Federal budget as well as highlighting some important tax planning measures for the new financial year.

On the Money June focuses on the 2023 – 24 Federal Budget that was delivered by Treasurer Jim Chalmers on the 9th May 2023. The main aim of this budget was to provide help to everyday Australians who are suffering from the large cost of living increases experienced by us all over the past twelve to eighteen months. Cost increases that will no doubt continue until inflation is bought under control.

This years’ budget focuses on the following key points:

  • Individuals
  • Small & Medium Businesses
  • Superannuation
    • Reducing tax concessions for superannuation balances exceeding $3 million
    • Employers to be required to pay super guarantee on payday
    • Non-arm’s length income (NALI) amendments.
2023 Year End Tax Planning Guide

As we approach the end of the 2023 financial year, tax planning has never been more important. To assist you we have put together a list of strategies to consider:

  • Key tax minimisation strategies:
    • Delay derivable assessable income.
    • Bringing forward deductible expenses or losses.
    • Superannuation contributions
    • Capital gains/losses
    • Accounts payable (Creditors)
  • Other Tax effective strategies for businesses
  • Superannuation tax planning opportunities
  • Immediate write-off for individuals small business assets.

All of this information can be found in our full report in ‘On The Monday 2023-24’ where we also include a comprehensive 2023 – 24 tax return checklist for Individuals, Companies, Partnerships, Trusts and all other Business types.

If you have any queries about the 2023-24 Federal Budget and how it may impact you, or if you are ready to start your tax planning for the next financial year, please do not hesitate to email:

For more information regarding tax time working from home deductions, click here