The end of the financial year wraps up June 30. That means from July 1st, it’s tax season. Sole traders and partnerships- you’ll need to lodge by October 31st, or if you’re lodging through a registered tax agent, they can advise on the date. Small companies generally need to lodge by February 28th, though – again – if you’re going through a tax agent they will let you know when to lodge. Whenever your deadline is, there’s a lot to get through, and there’s more to it than tax. Make the most of this busy time and keep stress to a minimum with these tips!
Single Touch Payroll
Recent research from Xero found one in five small businesses (20 percent) wrongly believed that STP did not apply to them. All companies are encouraged to register for Single Touch Payroll (STP) by July 1st 2019, which is a new reporting requirement introduced by the ATO. Small businesses should work to transition to STP with their accountant and bookkeeper in order to become compliant now! Bilanz Bookkeepers are Single Touch Payroll Certified with Xero, making it easier than ever to transition now.
Purchase large assets before July
Thinking of purchasing assets for your business?
The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.
If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion. Another thing to consider this EOFY is an in-depth review of all fixed assets. Have a look at any unwanted assets and consider whether they’re worth keeping around. Sales of unused assets can generate cash and reduce storage costs. Or you might want to look at hiring out items and equipment instead.
Get organised and choose the right professionals to help you do that!
Over the course of a year, your business will accumulate a decent paper trail… even if you’ve moved to the cloud. Sorting through bills, invoices and paperwork can be extremely time consuming if you’re not currently organised. In order to avoid being bogged down next year – choose to plan ahead by chatting with an accountant or bookkeeper. They can advise on all the necessary records needed and keep everything streamlined for you moving forward. It’s very important to pick the right accountant or bookkeeper. Always look for someone who has the relevant qualifications and are registered with the correct professional body.
Check the Tax Practitioner Board (linked below) to make sure they are a registered agent for lodging Income Tax and BAS. Did you know Bilanz is a registered BAS Agent ready and willing to help your business succeed!
Lodging your Business Activity Statement? check here for registered BAS agents in Perth.
Hopefully these tips helped you in some way as you navigate this EOFY (we also heard wine helps too)! As always, we are only a phone call or email away. Please do not hesitate to drop us a line at firstname.lastname@example.org if you have any questions about EOFY or our Xero, Quickbooks or MYOB Bookkeeping services! Finally, download this handy checklist below to ensure you’re staying on track: Good Luck!