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Checklist: 2018/19 tax planning opportunities for small businesses

Use this Checklist as a guide to 2018/19 year end tax planning considerations to be covered in a client meeting, whether over the phone or in person.

 

Extension and increase of instant asset write-off

The instant asset write-off for small business has been extended and increased during the 2018/19 income year, allowing more businesses access to the write-off.

The following is a table which will show when the changes to the write-off thresholds have come into effect. These changes apply to small businesses with an aggregated turnover under

June 14th, 2019|Categories: Make Money|

Checklist: 2018/19 tax planning opportunities for individuals

Use this Checklist as a guide to 2018/19 year-end tax planning opportunities to be covered in a client meeting, whether over the phone or in person.

 

Superannuation

Personal superannuation contributions

Individuals are able to make a personal deductible superannuation contribution regardless of whether they are self-employed or not. In most cases, individuals should be able to review their payroll reports to determine the difference between the concessional limits and the employer contributions.

Individuals should be reminded that the concessional contributions cap is $25,000 for the 2018/19 income

June 14th, 2019|Categories: Make Money|

Records for claiming work-related expenses

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.

To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money yourself and weren’t reimbursed, it must be directly related to earning your income, and importantly you must have a record to prove it.

You can only claim the work-related part of expenses. If an expense relates to both work

June 12th, 2019|Categories: Make Money|

Single Touch Payroll (STP) Rollout for Smaller Employers

A major change in the way employers report the tax and super information for their employees to the ATO has been on the way for a while now. The single touch payroll (STP) system started to be rolled out gradually from 1 July 2018 for what the ATO refers to as “substantial” employers (those with 20 or more staff). Recently passed legislation extends STP to all employers, regardless of the number of staff, from 1

May 15th, 2019|Categories: Make Money|

Single Touch Payroll Xero Setup Instructions

If you use Xero the setup instructions are:

  1. In the Payroll menu, select Pay employees.
  2. In the message about Seamless reporting with Single Touch Payroll (STP), click Get started. (If you don’t want to opt in right now, close the message by clicking Remind me later. To reopen the message, click Setup Single Touch Payroll.)
  3. Click Opt in to confirm.
  4. Review your organisation details. If necessary, click Update Organisation details. Xero will redirect you to the Organisation details page. Otherwise, click Continue.
  5. Connect your Xero account to the ATO. You only need to connect once. Call the ATO on 1300
May 15th, 2019|Categories: Good Business|

Tax Planning Alert! Trust resolutions must be made before 30 June!

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If you are a trustee and you make beneficiaries of a trust entitled to trust income by way of a resolution, it is important you read the following information. It will help you to make sure you are correctly complying with all the necessary requirements when you make your resolutions.

Before 30 June

Do you have a complete copy of your trust deed?

A resolution must be consistent with the terms of your trust, so make sure you have a

May 14th, 2019|Categories: Save Tax|

Tax and Christmas Party Planning

 

 

Cameron Patterson & Co Business Accountant - Santa Claus goes surfing

Christmas is here with smarter business owners having already planned their end-of-year festivities. Celebrating the season can be team-building or just a bit of fun, but the well-prepared business owner will also know that a little tax planning can help make sure there’s no unforeseen tax problems.

The three benefits typically provided include:

  • Christmas parties for employees (and perhaps their family members, and even clients)
  • gifts to employees, their
December 12th, 2018|Categories: Save Tax|

Tips for your tax return

Cameron Patterson & Co Business Accountant - calculator

 

Here is a quick guide to the sorts of information needed to enable us to complete your tax return.

  • Payment summaries: These outline the income you have received from your employer, super fund or government payments such as from Centrelink or the Department of Veterans Affairs.
  • Bank statements: Details any interest you have earned during the period and fees you have paid.
  • Shares, unit trusts or managed fund statements: Information
July 1st, 2018|Categories: Save Tax|

Is your business ready for Single Touch Payroll?

 

Single Touch Payroll is a government initiative to streamline business reporting obligations, which is due to become compulsory from 1 July 2018. When a business pays its employees, the payroll information will be sent to the ATO via the business’s payroll software.

Reporting under the Single Touch Payroll (STP) system removes the requirement to issue payment summaries, provide annual reports and tax file number declarations to the ATO. During the first year of its introduction, the ATO says

May 9th, 2018|Categories: Make Money|

Dealing with tax and renting via Airbnb

Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a room of their house or their whole house for a short-time basis via its online platforms.

While the focus here is on Airbnb, the tax concepts outlined could be applied in a more general

April 23rd, 2018|Categories: Make Money|