With 30 June creeping up on us, it’s the right time to get organised for the end of financial year. So get in touch with some of our friendly local businesses who are nuts about the numbers…
There will be some of you that have already started chatting to a financial adviser. We asked Bobby and Krystal at Ultimate Tax their top 5 pieces of advice for an easy tax time for business owners.
1. Do some ‘tax planning’ to see how things are looking at the current rate. Figure out what can be put in place to minimise any tax consequences.
2. Review your current tax structure and see if it’s working for you.
3. Review your profit & loss and balance sheet. This is definitely something business owners don’t do enough!
4. Are your income and expenses correctly coded? Make notes of where you should cut/increase spending next year.
5. Could the increased $30,000 instant asset write-off be of use to your business?
Bobby at Ultimate Tax is itching to see if he can save you some $$$ this financial year. It’s not too late to find out more, go to Ultimate Tax and book an appointment.
It’s not only businesses that need to make sure they are tax ready.
Donna at Raymond K. H. Ho & Associates Pty Ltd (CPA Accountants) has kindly broken down for us the big topics this year. And it’s all about making sure you have everything to prove you are claiming the right tax.
“A consistent theme this year is the over claiming of expenses and under reporting of income. With the Australian Taxation Office getting more sophisticated in its data matching, taxpayers can expect greater scrutiny. To claim a deduction, you need to have incurred the expense, with a record proving you incurred the expense and it relates directly to your work. This also means ensuring that you only claim the work-related part of items you use personally, such as mobile phones and internet services.”
What’s new in Superannuation?
This is the first year of new measures that enable people who have been out of the work force to top up their superannuation.
If you have:
• A total superannuation balance below $500,000 as at 30 June; and
• Not utilized your entire concessional contributions cap ($25,000) for the year.
Then you can ‘carry forward’ the unused amount on a rolling 5 year basis.
What’s new in Business?
Donna explains: “Single touch payroll (STP) reporting has changed the way businesses report salary and wages, PAYG withholding and superannuation contribution information to the ATO. From 1 July 2019, all business will need to use STP although there is some leniency for micro businesses struggling with implementation.”
At this taxing time (!) it’s good to know there is someone like Donna right here on Beaufort Street who knows what to ask and where to start, so get in touch Raymond K. H. Ho & Associates Pty Ltd.