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End of Financial Year Alerts 


Believe it or not we are almost half way through the year and amongst the usual year end (30th June) issues, some key issues as we approach the End of Financial Year 2019 are:

  • Maximum Concessional (tax-deductible) Superannuation Contributions = $25,000

This includes:

  1. Super Guarantee from your employer
  2. Salary Sacrifice super
  3. Personal contributions that you intend claiming a tax-deduction for
  4. Life insurance premiums paid via contributions to a super    (But not Life insurance premiums paid by your SMSF or superfund)
  •  If you are using the ATO Small Business Super Clearing House (SBSCH) for your super contributions, then these need to be paid by 24th June to guarantee deductibility in the current year
  • Instant Asset Write-off for business assets. The threshold has increased to $30,000, and has been extended to 30 June 2020, and is for businesses with a Turnover up to $10 million.

Click here for more information

  •  Single Touch Payroll (STP)

Small employers with 19 or less employees will need to report through STP from 1 July 2019.

This is done through online accounting software.

Click here for more information

  •  Substantiation – please keep records of your transactions and document decisions made to verify the amounts included in your tax return.

Click here for more information

  •  Superannuation Pensions. Please make sure you have taken out your Minimum Pension amounts before 30 June.

 

Please let us know if you have any queries or would like to arrange a time to meet to discuss any of these issues

 

 

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