Tax Time approaches. We all know that Q4 is the time to ensure you’re in best shape for the end of the financial year. But, wait a minute. We’re in Q4 now!

Now is the time to be thinking about tax time. Your accountant needs to be on the ball, setting you up in the best possible position ready for the upcoming financial year-end. Then, once 30 June rolls around, you’ll be satisfied that you’ve done all you can and you know where you stand.  So, have you done everything you can (legally) to minimise the amount of tax you’ll pay?

Individual Tax Time

Individuals are now able to make personal tax-deductible contributions into super, even if they are employed. Other restrictions and caps can apply, but it is now a whole lot easier

Those with rental properties may be affected by changes to remove deductions for travel and depreciation on fixtures and fittings in newly acquired properties.

Small Business Tax Time

  1. In the past couple of years, many business clients have saved tax by writing off new assets costing less than the $20,000 threshold, as well as older assets in a pool that has fallen under the threshold. As a result they may have fewer deductions this financial year. How will that affect you?
  2. The one year extension to the Small Business $20,000 instant asset write off is due to cease on 30 June 2018. Remember, you can’t use this write-off at the last minute, as the asset must be installed and ready for use to get the deduction.  An invoice on 30 June is not enough. Of course buying something just to save tax isn’t the right thing to do.
  3. There are still drought tax elections that farmers can consider using if they’ve been forced to make disposals.
  4. We can help you make the right decision for your business. We can also help make sure you don’t get caught out by the non-commercial loss rules, meeting the necessary obligations prior to the end of the financial year.
  5. Your bookkeeping process might benefit from a refresh.  The latest software from Quickbooks Online, MYOB, and Xero (and many more) can download transactions direct from your bank into your accounting package, and even code some of it for you.  These apps are available on your smartphone as well as your desktop, and also accessible in real-time by your accountant.
  6. Lastly, don’t forget that all employers also need to be getting ready to electronically report direct to the ATO at each and every pay run.

Business Burnett Centre is the place to come for good advice and a clear understanding of the tax ramifications of any action. Of course you’ll need time to put any suggestions into practice, so don’t delay!