Now that we are in August (time flies!) and well into the 2019 financial year, many of you are probably busy preparing your file to send to us for review. Year-end reviews can sometimes be a daunting experience as you never know what the result will be, or what more documents you need to bring in to us… So is there anything you can do to make both of our lives easier? Definitely!
Every now and then we get asked the question – “I want to hire someone to help with our business so I can have more time growing my business.” But before you put an ad up, or spread the word around, have you considered the following 10 things about finding the right staff, your business financial situation and understand the extra compliance work required?
In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc
This article will apply to businesses running as sole traders, companies, trusts and partnerships.
As 30 June is fast approaching, this is the best time to review your situation to see if you are able to maximize your income tax deduction to get back more tax refund (or reduce your tax liability) when lodging your 2018 tax return!
This article will focus on what individuals can do to legally maximize their tax deduction to minimize income tax liability. We will look into some work-related expenses, donations, tax agent fees, personal super contributions and income protection insurance in this article.
There will be a separate article for business owners so keep an eye on our website!
Note that we are only providing general advice on what items you may be able to claim as your tax deduction, the actual tax deductibility for certain items depend on your personal circumstances. If you would like assistance for your situation please contact us.
From 1 July 2017, all eligible Australians under the age of 75, including employees, are able to claim a personal tax deduction for extra superannuation contributions deposited to their superannuation fund before 30 June 2018 – providing you don’t exceed the superannuation cap of $25,000 and satisfy the work test if you are aged between 65 to 75.
So if your employer has contributed less than $25,000 into superannuation for you, or you are self-employed and have made no contributions so far this year, now is the time to consider topping up your superannuation fund.
Superannuation contributions that you claim as a personal tax deduction pay 15% tax which is collected and paid by your superannuation fund. This can be lower than your personal rate of tax.
Your Superannuation fund will be able to give you details of how to make the extra contribution but remember it MUST be received by the super fund by 30 June 2018 so it’s a good idea to do it a few days early just to make sure it gets there on time. Also you will need to complete some paperwork and submit it to your Superannuation fund in order for them to be tax deductible.
