As the 2022 financial year comes to a close, practitioners will be working closely with their clients to ensure they meet their income tax obligations. This article seeks to highlight some of the recent tax developments for consideration as practitioners finalise and implement their clients’ year end plans as well as some of the key changes that apply from 1 July 2022.
The end of the financial year (30 June) usually prompts a review of bad and doubtful debts. So, it is worth revisiting the GST rules that apply to bad debts.
With 30 June approaching, one of the annual year end processes required of a trustee is to ascertain the proportion of the income of the trust estate that is to be appointed to certain beneficiaries. Often a desired tax outcome is one of the factors considered in making this decision.
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