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14 June 2018

End of Financial Year Prep - Businesses & Employers

End of Financial Year Prep - Businesses & Employers

Equipment

  • If you are thinking of upgrading or purchasing new business-related equipment soon, you can do this before 30 June and include the cost as a deduction on the 2018 tax return
  • Items costing up to $20,000, or $22,000 if you are registered for GST, can be deducted in full in the financial year in which they are purchased as part of the small business instant asset write off scheme. The ATO has extended this offer to 30 June 2019 so you have another year to benefit from this deal
  • For more details on the extension of the instant asset write-off scheme read our Budget summary here

Review accounts

  • Write off any bad debts and unpaid accounts before 30 June
  • Review directors loan accounts and make any adjustments or repayments as needed before 30 June

Prepayments

  • Consider pre-paying for certain expenses such as rent or insurance, to increase your deductions in the 2018 tax return

Group certificates or PAYG Summaries

  • If you have employees, prepare for the issuing of group certificates by checking details for all staff paid in the current financial are complete and up to date before 30 June

Superannuation contributions

  • If you have employees, bring your staff super contributions up to date
  • Consider making extra contributions for company directors & proprietors before 30 June within the related contribution caps

Motor Vehicle Logbook

  • Make sure your car logbook is up to date for any business vehicles for the 2018 financial year
  • The ATO is focusing on motor vehicle claims and log book records this year so if your log book is out of date (over 5 years old) or if your car use or business situation has changed since you last recorded a logbook, we would recommend updating your records with a current logbook of your business car use for 2018
  • For more information on logbooks please read our article here

Taxable Payments Annual Reporting

  • If you are in the building, construction or related industry you will need to lodge a Taxable Payments Annual Report (TPAR) with the ATO to report your payments to contractors
  • Make sure details for all contractors paid in the current financial year are up to date, in particular their ABN, business name and address

 

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.   


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