Tax Strategies for 2022

Principal of Gallagher Accountants and Tax for Tradies - Chartered Tax Adviser - Gallagher Accountants T/A Tax for Tradies

Hello fellow business people and individuals,

There are many unheralded tax saving opportunities this year of which you should be aware.

  1. For business and individuals, you can claim as a tax deduction any  unclaimed  past superannuation contributions back to 2019 provided your super balance is less than $500K. In some cases, a tax deduction of  $100,000 is available.
  2.  If you are a business, then you can claim for your capital purchases outright – no limit except for motor vehicles ( payload of less than 1 tonne). !  Machine may cost you $300,000- fully claimable for the business usage of the machine. Instant Asset Write Off ( IAWO) rules ( maximum claim $150K)  do not apply for 2022 and 2023. You can claim the lot!
  3. Did you make a loss in your business this year? last year?  You can go back and claim the tax from previous years.

There are other tips and pro-active business advice available.

Michael Gallagher
Chartered Tax Adviser
Call me on 0408 149 250

Principal of Gallagher Accountants and Tax for Tradies - Chartered Tax Adviser - Gallagher Accountants T/A Tax for Tradies