This blog is co-authored by the founders and directors of Envision Consulting Group. We share with you the latest news, insights, helpful tips and our experience as Chartered Accountants, Chartered Tax Advisers and registered tax agents. We hope this assists you in your personal and business journey.
Please contact us if we can help you with your business start up and support, bookkeeping, financial accounting, virtual CFO, accounting and taxation needs.
Top Tax Tips to Action before 30 June 2019
With the Federal Election over and the upcoming end of the 2019 tax year, here are some top tips and key strategies that may put you in a better tax position. Taking the time to do some tax planning may result in a better outcome in your 2019 tax return and start the new tax year on the front foot.
We also bring to your attention the ATO’s targets for this upcoming tax year.
Federal Election Wrap Up – Key Tax Policy Proposals
Now that the dust has settled and the Coalition has been returned to Federal Government in the 18th May 2019 election, we summarise for you some of their key tax policy proposals. These were announced in the Federal Budget in April 2019 and during the election campaign.
Instant Asset Write Off Changes Approved
The “Small Business Instant Asset Write Off” measures have been expanded to include not only small businesses and the threshold increased. The Federal Government proposal announced in January 2019 mentioned in our last blog and some more changes have been legislated and approved.
Increase to Small Business Instant Asset Write-Off
Small businesses can currently claim a full deduction in its tax return for depreciable assets purchased and installed that cost less than $20,000 up to 30 June 2019.
The Federal Government announced a new proposal on 29 January 2019 to increase the instant asset write-off threshold from $20,000 to $25,000 for new depreciable asset purchases from 29 January 2019 to 30 June 2020.
Single Touch Payroll – Be Ready!
Single Touch Payroll (STP) is now a requirement for all businesses and here are some things you need to know:
- New STP legislation has passed meaning that businesses with 19 employees or less will be required to submit payroll data to the ATO from 1 July 2019.
- All businesses have to submit payroll data digitally to the ATO including PAYG withholding tax, payments such as wages and allowances, superannuation.
- Businesses will need to submit data to the ATO via STP ready payroll /accounting software or through a third party payroll service.
Top Tax Tips and Strategies for 30 June 2018
As this tax year draws to a close, there are strategies or matters you can action prior to 30 June 2018 to minimise or defer some of your tax burden. Undertaking some year end tax planning can save you from any “surprise” tax bills in the future.
Please read on for some strategies you may be able to utilise to successfully end your 2018 tax year. We have also put together some key record keeping and accounting action items to satisfy ATO requirements.
Be mindful of the ATO “hit list” for the 2018 tax returns and in particular the areas we have highlighted below.
Alert: Amnesty for Employers with Unpaid Superannuation
The Federal Government recently announced a one off amnesty for employers to bring their superannuation obligations up to date and pay all overdue employee superannuation.
Employers have a limited period of time to voluntarily disclose and pay overdue superannuation.
This reinforces the Government and ATO’s commitment to ensuring employers are meeting their obligations to their employees and the upcoming implementation of Single Touch Payroll from 1 July 2018 for certain employers.
Federal Budget 2018 – In Focus
The Federal Government released the 2018 Federal Budget on 8 May 2018. Scott Morrison’s focus is that the Budget will accomplish “A Stronger Economy. More Jobs. Guaranteeing Essential Services”. The Federal Government is gearing up for re-election.
The Budget measures are wide reaching and will impact on a number of individuals and businesses, together with targeting the black (cash) economy and other areas. Certain industries will receive additional funding.
Please read on for key highlights from the Budget. These are proposed measures and will be implemented once the legislation has received Royal Assent. We will keep you updated on the final legislation that is passed. Read more
Alert: Small Business Instant Asset Write Off (Less Than $20K Threshold) Ends Soon
Small businesses can write off and claim a full deduction for certain depreciable assets costing less than $20,000. This higher write off threshold will revert back to $1,000 shortly. Here is how you can take advantage of this before it ends.
