The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise
your tax liability within the framework of the Australian taxation system.
The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you
to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.
Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.
You can download the full copy of the tax planning guide HERE
To assist you we have put together a list of strategies to consider and note:
To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year
ending June 30, 2019 to establish if you have a tax 'problem' and identify the size of your likely tax debt.
Review all tax deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some
expenses before June 30 or deferring some revenue until after July 1st.
The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your
turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you
would like to discuss your tax planning options we urge you to contact
us
today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.
To minimise your tax liability there are several general strategies to consider before
the end of the 2018/19 financial year including delaying income and bringing forward losses. Read More...
Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and
other issues for small business owners. Read More...
In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off
bad debts, etc. for businesses to consider. Read More...
Before making any superannuation
contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of
contribution being made, transfers and deposits must clear before June 30. Read More...
Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000. Read More...
Disclaimer: This newsletter contains general information only. No responsibility can be
accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any
information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your
personal circumstances.
Wishing all our clients and their families the very best for the Festive Season and a safe & happy 2022. Please note we will be closed
from Friday 24th December and re-opening Monday 10th January 2022. In the meantime, and in case you missed it, check out our latest Business
Accelerator Magazine, full of articles and news about growing and nurturing your business. This edition includes our second article in a
series on What are the Key Ingredients for a Successful Business? As well as articles on the ATOs new Stapled Super Fund rules, an
examination of why start-ups fail and info on the rules around the newly introduced Company Director ID Number…
Read More…
Superannuation stapling came into effect from 1 November 2021 for new employees and employers will need to ensure their onboarding process
complies with the ATO’s new ‘super stapling’ requirements...
Read More…
Most people for one reason or another contemplate starting their own business. While there’s no magic potion or secret formula that
guarantees business success, highly successful businesses have some common characteristics that we will explore across a series of articles.
In this instalment, we look at the importance of marketing and systemisation...
Read More…
20 Dec '21Merry Christmas from Scotts Chartered Accountants
Wishing all our clients and their families the very best for the Festive Season and a safe & happy 2022. Please note we will be closed
from Friday 24th December and re-opening Monday 10th January 2022. In the meantime, and in case you missed it, check out our latest Business
Accelerator Magazine, full of articles and news about growing and nurturing your business. This edition includes our second article in a
series on What are the Key Ingredients for a Successful Business? As well as articles on the ATOs new Stapled Super Fund rules, an
examination of why start-ups fail and info on the rules around the newly introduced Company Director ID Number…
More >
7 Nov '21The Key Ingredients for Business Success (Part 2)
Most people for one reason or another contemplate starting their own business. While there’s no magic potion or secret formula that
guarantees business success, highly successful businesses have some common characteristics that we will explore across a series of articles.
In this instalment, we look at the importance of marketing and systemisation...
More >
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