For the information of clients we enclose this checklist which you may find helpful in planning your year-end tax strategies. Careful planning (and in many cases timing) is always important when tax planning is concerned. This document is not exhaustive and your individual circumstances must be considered. Please contact your StewartBrown Manager or Partner should you need any assistance with understanding or applying the below.

Here’s a quick summary of what you need to consider for yourself and your business before the end of the financial year:

On Tuesday, 9 May 2023, Treasurer Jim Chalmers handed down the 2023-24 Federal Budget. As with all Budgets, these are announcements only and have not been legislated. The details are still to be worked through, and both Houses of Parliament need to pass legislation before the announcements take effect.

The announcement by the Government of additional funding totalling $11.3 billion over 4 years to deliver a pay increase to over 250,000 workers is a very positive initiative that will be supported by all stakeholders in the aged care sector.

The additional funding includes staff in residential and community aged care services. Due to the complexity of the residential aged care funding streams and it being the major portion of the additional funding, we have focussed this analysis on residential aged care.

Click here to download a PDF copy of the Aged Care Funding Budget Announcement and StewartBrown's Analysis.

The StewartBrown December 2022 (six months) Aged Care Financial Performance Survey incorporates detailed financial and supporting data from 1,138 aged care homes (92,312 beds/places) and 66,703 home care packages across Australia. The quarterly survey is the largest benchmark in the aged care sector and provides invaluable insight into the trends and drivers of financial performance at the sector level and at the aged care home or programme level.

Click here to download a PDF copy of the Stewartbrown Aged Care Financial Performance Survey report for December 2022 (six months).